Failure of Trust. If, for any reason, a trust in favour of, or a holding of property for, the Finance Parties under this Deed is invalid or unenforceable, the Junior Creditor will pay and deliver to the Agent an amount equal to the payment, receipt or recovery which the Junior Creditor would otherwise have been bound to hold on trust for or as property of the Finance Parties.
Failure of Trust. If a trust in favour of, or a holding of property for, the Senior Creditors under this Deed is invalid or unenforceable, each Subordinated Creditor will pay and deliver to the Trustee an amount equal to the payment, receipt or recovery in cash, or in kind, which each Subordinated Creditor would otherwise have been bound to hold on trust for or as property of the Senior Creditors.
Failure of Trust. If for any reason, a trust in favour of, or a holding of property or other assets for, the Secured Parties under the Intercreditor Agreement is, becomes or is deemed to be, invalid or unenforceable, HoldCo, any Intermediate HoldCo or the Sponsor, which is otherwise obliged to hold any amounts on such trust will pay and deliver (or, in the case of an Intermediate HoldCo, the Sponsor shall ensure that the Intermediate HoldCo will pay and deliver) to the Security Trustee an amount equal to the payment, receipt or recovery in cash or, if in kind, the value conferred which it would otherwise have been bound to hold on trust for or as property of the Secured Parties.
Failure of Trust. If for any reason, a trust in favour of, or a holding of property or other assets for, the Secured Parties under the Intercreditor Agreement is, becomes or is deemed to be, invalid or unenforceable, the Junior Creditor, which is otherwise obliged to hold any amounts on such trust, will pay and deliver to the Security Trustee an amount equal to the payment, receipt or recovery in cash or, if in kind, the value conferred which it would otherwise have been bound to hold on trust for or as property of the Secured Parties.
Failure of Trust. If, for any reason, a trust in favour of, or a holding of property for, the Secured Parties is invalid or unenforceable, the Junior Creditor will pay and deliver to the Security Trustee (for the account of the Secured Parties) an amount equal to the relevant payment, receipt or recovery. EXECUTED AS A DEED by MI ) ENERGY CORPORATION: ) Duly Authorised Signatory ) Name: ) Title: In the presence of: Name: Address: Occupation: (Note: These details are to be completed in the witness’s own handwriting.) [•]2 ) [Authorised Signatory] [Authorised Signatory] Address: Attention: Facsimile: 2 Local counsel to advise on format of signature block. SIGNED for and on behalf of STANDARD BANK ASIA LIMITED By: Name: Title: Address: Attention: Facsimile: E-mail:
Failure of Trust. If for any reason, a trust in favour of, or a holding of property for, the Lender under this Deed is invalid or unenforceable, the Subordinated Creditor shall pay and deliver to the Lender an amount equal to the payment, receipt or recovery in cash or in kind (or its value, if in kind) which the Subordinated Creditor would otherwise have been bound to hold on trust for or as property of the Lender.
Failure of Trust. If, and to the extent that, the trust created by clause 4.3 is for any reason not properly constituted or is otherwise not effective, each Beneficiary agrees (on an indemnity basis) forthwith upon demand to pay to the Security Trustee on behalf of the other Beneficiary/ies the money so received as described in clause 4.3.
Failure of Trust. If and to the extent that the trust constituted by clause 6.6 of this Deed is for any reason not properly constituted or is otherwise not effective, the Junior Creditor agrees (on an indemnity basis) immediately on demand to pay to the Senior Creditor any of the Junior Debt so taken, recovered or received or any assets so accepted or any discharge received by the Junior Creditor as described in clause 6.6 of this Deed.
Failure of Trust. If for any reason, a trust in favour of, or a holding of property for, any Senior Finance Party under this Agreement is invalid or unenforceable, the Junior Lender will pay and deliver to the Principal Facilities Agent an amount equal to the payment, receipt or recovery in cash or in kind (or its value, if in kind) which the Junior Lender would otherwise have been bound to hold on trust for or as property of the relevant Senior Finance Party.
Failure of Trust. If for any reason, any trust created pursuant to the provisions of this Agreement, is, becomes or is deemed to be, invalid or unenforceable, the Party otherwise obliged to hold any amounts on such trust shall pay and deliver to the Secretary of State (or such other person as the Secretary of State may direct) for application in accordance with the provisions of this Agreement an amount equal to the payment, receipt or recovery in cash or, if in kind, the value conferred which it would otherwise have been bound to hold on trust for or as property of the relevant persons.
