Common use of Application of retentions Clause in Contracts

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Lender shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with Clause 15.1 so much of the balance on the relevant Retention Account as equals: (a) the repayment instalment due on that Repayment Date; or (b) the amount of interest payable on that interest payment date; in discharge of the Borrowers’ liability for that repayment instalment or that interest.

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Lender shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with Clause 15.1 16.1 so much of the balance on the relevant Retention Account as equals: (a) the repayment instalment Repayment Instalment due on that Repayment Date; or (b) the amount of interest payable on that interest payment date; , in discharge of the Borrowers’ Borrower's liability for that repayment instalment Repayment Instalment or that interest.

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Lender Lenders shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with Clause 15.1 distribute to the Lenders so much of the then balance on the relevant Retention Account as equals: (a) the repayment instalment due on that Repayment Date; or (b) the amount of interest payable on that interest payment date; , in discharge of the Borrowers’ liability for that repayment instalment or that interest.

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Lender shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with Clause 15.1 so much of the then balance on the relevant Retention Account as equals: (a) the repayment instalment due on that Repayment Date; or (b) the amount of interest payable on that interest payment date; , in discharge of the Borrowers’ liability for that repayment instalment or that interest.

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Lender shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with Clause 15.1 16.1 so much of the balance on the relevant Retention Account as equals: (a) the repayment instalment Repayment Instalment due on that Repayment Date; or (b) the amount of interest payable on that interest payment date; , in discharge of the Borrowers’ Borrower’s liability for that repayment instalment or that interest.

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Lender shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply distribute to the Lender in accordance with Clause 15.1 so much of the then balance on the relevant Retention Account as equals: (a) the repayment instalment due on that Repayment Date; or (b) the amount of interest payable on that interest payment date; in discharge of the Borrowers’ Borrower’s liability for that repayment instalment or that interest.