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

Retentions and payment to third parties. The Borrowers irrevocably authorise the Facility Agent: (a) to deduct from the proceeds of the Advance any fees then payable to the Finance Parties in accordance with Clause 11 (Fees) 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; (b) on the Utilisation Date, to pay to, or for the account of, the relevant Borrower which is to utilise the relevant Advance 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 relevant Advance. That payment shall be made in like funds as the Facility Agent received from the Lenders in respect of the relevant Advance to the client account of an escrow agent approved in writing by the Facility Agent (the “Escrow Agent”) which the Borrowers specify in the Utilisation Request to be thereafter released to the account of the relevant Existing Owner and with such bank which the Borrowers specify in the Utilisation Request; and (c) following the deduction of fees in accordance with paragraph (a) above and payment of the balance of the relevant Advance in accordance with paragraph (b) above, any excess amount to be thereafter released to an Earnings Account of a Borrower specified in the Utilisation Request.