Non-Receipt of Funds by Agent. (a) If: (1) the Agent elects to make a payment (Agent Payment) to any party (Payee) that is to be made out of a payment (Payer Payment) due to the Agent by another party (Payer) before the Agent has received the Payer’s Payment; and (2) the Payer does not in fact make the Payer’s Payment to the Agent on the due date, the Payee must repay the Agent Payment to the Agent on demand. (b) The Payer indemnifies the Agent and the Payee against any Loss suffered or incurred by the Agent or the Payee as a result of any failure by the Payer to make the Payer Payment when due.
Appears in 4 contracts
Samples: Project Facility Agreement (Paringa Resources LTD), Project Facility Agreement (Apollo Gold Corp), Bridge Facility Agreement (Apollo Gold Corp)
