CHANGES IN AGENT AND OTHER PAYING AGENTS Clause Samples
The "Changes in Agent and Other Paying Agents" clause outlines the procedures and conditions under which the issuer or relevant party may appoint, remove, or replace the agent or other paying agents responsible for handling payments under the agreement. Typically, this clause specifies the notice requirements, qualifications for new agents, and the effective date of any such changes. Its core function is to ensure continuity and reliability in payment processing by providing a clear framework for managing transitions between agents, thereby minimizing disruptions and maintaining trust among the parties involved.
CHANGES IN AGENT AND OTHER PAYING AGENTS. 22.1 Each of the Issuer and the Guarantor agrees that, for so long as any Note is outstanding, or until moneys for the payment of all amounts in respect of all outstanding Notes have been made available to the Agent and have been returned to the Issuer or, as the case may be, the Guarantor as provided herein:
(a) so long as any Notes are listed on any Stock Exchange, there will at all times be a Paying Agent (which may be the Agent) with a specified office in such place as may be required by the rules and regulations of the relevant Stock Exchange or other relevant authority;
(b) there will at all times be a Paying Agent with a specified office outside Norway; and
(c) there will at all times be an Agent. In addition, the Issuer and the Guarantor shall forthwith appoint a Paying Agent having a specified office in New York City in the circumstances described in the second paragraph of Condition 4(d). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency (as provided in subclause 22.5 below), when it shall be of immediate effect) after not less than 30 nor more than 45 days' prior notice thereof shall have been given to the Noteholders in accordance with Condition 12.
22.2 The Agent may (subject as provided in subclause 22.4 below) at any time resign as Agent by giving at least 90 days' written notice to the Issuer and the Guarantor of such intention on its part, specifying the date on which its desired resignation shall become effective.
22.3 The Agent may (subject as provided in subclause 22.4 below) be removed at any time by the Issuer and the Guarantor on at least 30 days' notice by the filing with it of an instrument in writing signed on behalf of the Issuer and the Guarantor specifying such removal and the date when it shall become effective.
22.4 Any resignation under subclause 22.2 or removal under subclauses 22.3 or 22.5 shall only take effect upon the appointment by the Issuer and the Guarantor as hereinafter provided, of a successor Agent and (other than in cases of insolvency of the Agent) on the expiry of the notice to be given under clause 24. The Issuer and the Guarantor agree with the Agent that if, by the day falling ten days before the expiry of any notice under subclause 22.2, the Issuer and the Guarantor have not appointed a successor Agent, then the Agent shall be entitled, on behalf of the Issuer and the Guarantor to appoint as a successor Agent in its place a reputable financial i...
CHANGES IN AGENT AND OTHER PAYING AGENTS. 21.1 Each of the Issuer and the Guarantor agrees that, for so long as any Note is outstanding, or until moneys for the payment of all amounts in respect of all outstanding Notes have been made available to the Agent and have been returned to the Issuer or, as the case may be, the Guarantor as provided herein:
(a) so long as any Notes are listed on any Stock Exchange or admitted to listing by any other relevant authority, there will at all times be a Paying Agent (which may be the Agent) with a specified office in such place as may be required by the rules and regulations of such Stock Exchange or other relevant authority; and
(b) there will at all times be an Agent. In addition, the Issuer and the Guarantor shall forthwith appoint a Paying Agent having a specified office in New York City in the circumstances described in the final paragraph of Condition 5(d).
CHANGES IN AGENT AND OTHER PAYING AGENTS. 21.1 Each of the Issuer and the Guarantor agrees that, for so long as any Note is outstanding, or until moneys for the payment of all amounts in respect of all outstanding Notes have been made available