Common use of Application of retentions Clause in Contracts

Application of retentions. 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 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. The Lender Until an Event of Default occurs, the Lenders shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with the payment details set out in Clause 15.1 16.1 so much of the balance on the 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.

Application of retentions. The Until an 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 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.

Application of retentions. The Until an 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 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.