Common use of Accelerated Funding Clause in Contracts

Accelerated Funding. Producer (with Completion Guarantor’s prior written approval) or Completion Guarantor may, upon giving notice to Beneficiary, accelerate Beneficiary’s making of any Production Advances that have yet to be funded subject to the restrictions of any applicable currency forward exchange rate agreements and/or interest rate protection agreements (if any) and also subject to the terms of the applicable Funding Agreement, at a rate faster than specified in the Cash Flow Schedule in terms of amount and/or the timing thereof. In such event, Producer (to the extent of proceeds of all Production Advances, including the Contingency, then-remaining available) or otherwise Completion Guarantor will promptly pay or cause to be paid the amount of any applicable Accelerated Interest and Charges to Beneficiary.

Accelerated Funding. Producer (with Completion Guarantor’s prior written approval) or Completion Guarantor may, upon giving a notice to Beneficiary, accelerate Beneficiary’s making of any Production Advances that have yet to be funded subject to the restrictions of any applicable currency forward exchange rate agreements and/or interest rate protection agreements (if any) and also subject to the terms of the applicable Funding Agreement, at a rate faster than specified in the Cash Flow Schedule in terms of amount and/or the timing thereof. In such event, Producer (to the extent of proceeds of all Production Advances, including the Contingency, then-remaining available) or otherwise Completion Guarantor will promptly pay or cause to be paid the amount of any applicable Accelerated Interest and Charges to Beneficiary.