CL-2025-000062 - [2025] EWHC 1506 (Comm)

A settlement agent was appointed in relation to the bonds, namely GLAS (an English company which provides debt administration services). In this regard, on 22 August 2024, Eraaya entered into a Settlement Agency Agreement with GLAS (“the First Settlement Agency Agreement”). This provided in particular (under clause 3.4) that:

“Once all the trades have settled, the Settlement Agent [i.e. Glas] will make all Issue Fees & Expenses payments as per Issuer’s [i.e. Eraaya’s] irrevocable instructions under Schedule 3 of this Agreement and transfer the remaining Purchase Monies to the Issuer’s Payment Account.”