Common use of Application of accounts Clause in Contracts

Application of accounts. At any time after the occurrence of an Event of Default which is continuing, the Lender may, without prior notice to the Borrower apply all moneys then standing to the credit of the Earnings Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due and payable to Lender under the Security Documents at the time of such applications in the manner specified in clause 13.1 (Application of moneys). Following such application, the Lender shall give notice thereof to the Borrower.

Application of accounts. At any time after the occurrence of an Event of Default which is continuingDefault, the Lender may, without prior notice to the Borrower Borrower, instruct the Account Bank to apply all moneys then standing to the credit of the Earnings Account and/or the Retention Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due and payable to Lender the Banks or any of them under the Security Documents at the time of such applications in the manner specified in clause 13.1 (Application of moneys). Following such application, the Lender shall give notice thereof to the Borrower13.1.

Application of accounts. At any time after the occurrence of an Event of Default which and while the same is continuingcontinuing unwaived and unremedied, the Lender may, without prior notice to the Borrower apply all moneys then standing to the credit of the Earnings Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due and payable to Lender under the Security Documents at the time of such applications in the manner specified in clause 13.1 (Application of moneys)13.1. Following such application, the Lender shall give notice thereof to the Borrower.

Application of accounts. At any time after the occurrence of an Event of Default which and while the same is continuingcontinuing unwaived and unremedied, the Lender may, without prior notice to the Borrower Borrowers apply all moneys then standing to the credit of the Earnings Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due and payable to Lender under the Security Documents at the time of such applications in the manner specified in clause 13.1 (Application of moneys)13.1. Following such application, the Lender shall give notice thereof to the BorrowerBorrowers.