Common use of Application of Cash Collateral Account Clause in Contracts

Application of Cash Collateral Account. At any time after the occurrence of an Event of Default, the Security Agent may (and on the instructions of the Majority Banks shall), without notice to the Guarantor, instruct the Account Bank to apply all moneys then standing to the credit of the Cash Collateral Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Creditors or any of them under the Security Documents.

Application of Cash Collateral Account. At any time after the occurrence of an Event of Default, the Security Agent may (and on the instructions of the Majority Banks shall), without notice to the Borrowers and/or the Corporate Guarantor, instruct the Account Bank to apply all moneys then standing to the credit of the Cash Collateral Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Creditors or any of them under the Security DocumentsDocuments in the manner specified in clause 13.1.

Application of Cash Collateral Account. At any time after the occurrence of an Event of Default, the Security Agent may (and on the instructions instruction of the Majority Banks shall), without notice to the Guarantor, instruct the Account Bank to apply all moneys then standing to the credit of the Cash Collateral Account (together with interest from time to time accruing or accrued thereon) in or towards satisfaction of any sums due to the Creditors or any of them under the Security Documents.