Facility Agent as trustee Sample Clauses
The 'Facility Agent as trustee' clause designates the facility agent to act as a trustee for the benefit of the lenders under a finance agreement. In practice, this means the facility agent holds certain rights, such as security interests or enforcement powers, on behalf of all lenders collectively, rather than each lender acting individually. This arrangement streamlines the administration of the loan, ensures coordinated action among lenders, and protects their collective interests, particularly in situations like enforcing security or managing defaults.
Facility Agent as trustee. Unless expressly provided to the contrary herein or in any Finance Document and except as otherwise required by Applicable Law, the Facility Agent holds any security created by a Security Document on trust for the Finance Parties.
Facility Agent as trustee. Unless expressly provided to the contrary, the Facility Agent holds any security created by a Security Document on trust for the Finance Parties.
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) the Company in accordance with Clause 6 (Closing procedure) on trust for the Company; and
(ii) any Transferee Lender in accordance with Clause 6 (Closing procedure) on trust for that Transferee Lender.
(b) On the Proposed Fifth Effective Date:
(i) the Company 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 Transferee 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.