Distribution by Agent. (a) A payment received by the Agent under a Transaction Document is received by the Agent on account of the Financiers unless: (1) the payment is made to the Agent for its own account; or (2) a provision in a Transaction Document expressly provides otherwise. (b) The Agent must promptly distribute amounts received on account of the Financiers to the Financiers in their respective Pro Rata Shares and in the same type of funds as received by the Agent.
Appears in 2 contracts
Sources: Project Facility Agreement (Apollo Gold Corp), Bridge Facility Agreement (Apollo Gold Corp)
Distribution by Agent. (a) A payment received by the Agent under a Transaction Finance Document is received by the Agent on account of the Financiers Lenders unless:
(1) the payment is made to the Agent for its own account; or
(2) a provision in a Transaction Finance Document expressly provides otherwise.
(b) The Agent must promptly distribute amounts received on account of the Financiers to the Financiers Lenders among them in their respective Pro Rata Shares and in the same type of funds as received by the Agent.
Appears in 2 contracts
Sources: Term Facility Agreement (Paringa Resources LTD), Project Facility Agreement (Paringa Resources LTD)