Application of Retention Account Sample Clauses

Application of Retention Account. The Borrower shall procure that there is transferred from the Retention Account to the Agent:
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Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause 6.5(a) upon a sale, Total Loss or non delivery of a Vessel, the Borrower shall procure that there is transferred from the Retention Account (and irrevocably authorises the Facility Agent to instruct the Account Bank to transfer from the Retention Account) to the Facility Agent in prepayment of the relevant Loan any amounts as may be required pursuant to Clause 6.5 and (unless an Event of Default shall have occurred and be continuing) the balance of the proceeds of a sale, Total Loss or non delivery of the relevant Vessel, following the transfer referred to above, may be released to such other account as the Borrower shall designate.
Application of Retention Account. The Borrower shall procure that there is transferred from the Retention Account to the Lender:
Application of Retention Account. The Borrower shall procure that there is transferred from the Retention Account to the Agent for the account of the Lenders: (a) on each Repayment Date in respect of the Loan, the amount of the Repayment Instalment then due;
Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause 6.5(a) upon a sale or Total Loss of a Vessel, the Borrower shall procure that there is transferred from the Retention Account (and irrevocably authorises the Facility Agent to instruct the Account 37 21 July 2005 Bank to transfer from the Retention Account) to the Facility Agent in prepayment of the relevant Loan:
Application of Retention Account. The Borrowers shall procure that there is transferred from the Retention Account (and irrevocably authorise the Agent to transfer from the Retention Account) to the Agent on behalf of the Banks:-
Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause 6.4 (Mandatory prepayment – Sale or Total Loss of a Secured Vessel) upon a sale or Total Loss of a Secured Vessel, the Borrower shall procure that there is transferred from the Retention Account (and irrevocably authorises the Facility Agent to instruct the Account Bank to transfer from the Retention Account) to the Facility Agent, in prepayment of the relevant Loan, any amounts as may be required pursuant to Clause 6.4 to ensure that the Loan to Value Ratio is less than the Borrowing Base Advance Ratio. Unless an Event of Default shall have occurred and be continuing, the balance of the proceeds of a sale or Total Loss of the relevant Secured Vessel following such transfer from the Retention Account may be released to such other account as the Borrower shall designate.
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Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause (a) (Unless the Borrower complies with the provisions of Clause 16.25(c) (Termination of Time Charter) or the Facility Agent receives additional security satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders), upon the termination of a Time Charter in accordance with 16.25(b) (Termination of Time Charter) or the Bareboat Charter, the Borrower shall be obliged to prepay the outstanding Loan to the extent necessary to ensure that the Loan to Value Ratio is no greater than the Borrowing Base Advance Ratio.

Related to Application of Retention Account

  • Retention Account credits and withdrawals

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • Certificate Distribution Account The Certificate Distribution Account shall be established as a non-interest bearing trust account pursuant to Section 4.1 of the Sale and Servicing Agreement. Funds on deposit in the Certificate Distribution Account shall be held uninvested. The Certificateholders shall possess all beneficial right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein, in the Indenture or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Servicer on behalf of the Issuer, shall, within ten (10) Business Days (or such longer period) after becoming aware of the fact, establish a new Certificate Distribution Account as an Eligible Account and shall direct the Certificate Paying Agent to transfer any cash then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account.

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

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