Common use of Debt Service Retention Account Clause in Contracts

Debt Service Retention Account. 19.3.1 The Borrower undertakes with each Finance Party that, throughout the Security Period, it will, on each Debt Service Retention Date pay to the Account Bank for credit to the Debt Service Retention Account, the Debt Service Retention Amount for such date provided however that, to the extent that there are moneys standing to the credit of the Operating Account as at the relevant Debt Service Retention Date, such moneys shall, up to an amount equal to the Debt Service Retention Amount, in accordance with Clause 19.2.1 (b) be transferred to the Debt Service Retention Account on that Debt Service Retention Date (and the Borrower hereby irrevocably authorises the Account Bank to effect each such transfer) and to that extent the Borrower’s obligations to make the payments referred to in this Clause 19.3.1 shall have been fulfilled upon such transfer being effected.