Common use of Facility Agent as trustee Clause in Contracts

Facility Agent as trustee. (a) The Facility Agent shall hold all amounts received from: (i) MGMGP in accordance with Clause 6 (Closing procedure) on trust for MGMGP; and (ii) any Funding Lender in accordance with Clause 6 (Closing procedure) on trust for that Funding Lender. (b) On the Proposed Effective Date: (i) MGMGP irrevocably and unconditionally authorises the Facility Agent to distribute and transfer the amounts referred to in subparagraph (a)(i) above in accordance with this Agreement; and (ii) each Funding Lender irrevocably and unconditionally authorises the Facility Agent to distribute and transfer the amounts referred to in subparagraph (a)(ii) above in accordance with this Agreement.

Facility Agent as trustee. (a) The Facility Agent shall hold all amounts received from: (i) MGMGP in accordance with Clause 6 (Closing procedure) on trust for MGMGP; and (ii) any Funding Lender in accordance with Clause 6 (Closing procedure) on trust for that Funding Lender. (b) On the Proposed Second Effective Date: (i) MGMGP irrevocably and unconditionally authorises the Facility Agent to distribute and transfer the amounts referred to in subparagraph (a)(i) above in accordance with this Agreement; and (ii) each Funding Lender irrevocably and unconditionally authorises the Facility Agent to distribute and transfer the amounts referred to in subparagraph (a)(ii) above in accordance with this Agreement.