Common use of Retentions and payment to third parties Clause in Contracts

Retentions and payment to third parties. Each Borrower irrevocably authorises the Facility Agent: (a) to deduct from the proceeds of the Loan any fees then payable to the Finance Parties in accordance with Clause ‎10 (Fees), any solicitors fees and disbursements together with any applicable VAT and any other items listed as deductible items in the Utilisation Request and to apply them in payment of the items to which they relate; and (b) on the Utilisation Date, to pay to, or for the account of, the Borrowers, the balance (after any deduction made in accordance with paragraph ‎(a) above) of the amounts which the Facility Agent receives from the Lenders in respect of the Loan. That payment shall be made: (i) to the account of the Existing Facility Agent which the Borrowers specify in the Utilisation Request; and (ii) in like funds as the Facility Agent received from the Lenders in respect of the Loan.