Common use of Control on withdrawals following Default Clause in Contracts

Control on withdrawals following Default. If a Default has occurred and is continuing and has not been waived, no Obligor may withdraw any moneys from the Project Accounts except: (A) with the prior consent of the Facility Agent; (B) to meet an Obligor's payment obligations under the Finance Documents (but not any payment obligations owed to any Junior Finance Party or the Proceeds Agent, each as defined in the KEFI Intercreditor Agreement) or the Project Agreements on the relevant due date; or (C) to pay for Project Costs not included in paragraph (B) above where: (i) the payment in question has been budgeted for and the Facility Agent have given their written consent to the relevant expenditure or cost being incurred; or (ii) the failure to make the payment in question would materially and adversely affect the business or financial condition of the Borrowers or any other Obligor.

Control on withdrawals following Default. If a Default has occurred and is continuing and has not been waived, no Obligor may withdraw any moneys from the Project Accounts except: (A) with the prior consent of the Facility Agent; (B) to meet an Obligor's ’s payment obligations under the Finance Documents (but not any payment obligations owed to any Junior Finance Party or the Proceeds Agent, each as defined in the KEFI Intercreditor Agreement) or the Project Agreements on the relevant due date; or (C) to pay for Project Costs not included in paragraph (B) above where: (i) the payment in question has been budgeted for and the Facility Agent have given their written consent to the relevant expenditure or cost being incurred; or (ii) the failure to make the payment in question would materially and adversely affect the business or financial condition of the Borrowers Kosmos or any other Obligor.

Control on withdrawals following Default. If a Default has occurred and is continuing and has not been waived, no Obligor may withdraw any moneys from the Project Accounts except: (A) with the prior consent of the Facility Agent; (B) to meet an Obligor's ’s payment obligations under the Finance Documents (but not any payment obligations owed to any Junior Finance Party or the Proceeds Agent, each as defined in the KEFI Intercreditor Agreement) or the Project Agreements on the relevant due date; or (C) to pay for Project Costs not included in paragraph (B) above where: (i) the payment in question has been budgeted for and the Facility Agent have given their written consent to the relevant expenditure or cost being incurred; or (ii) the failure to make the payment in question would materially and adversely affect the business or financial condition of the Borrowers or any other Obligor.