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. 19.3.2 Unless and until there shall occur an Event of Default (whereupon the provisions of Clause 19.7 (Application of Accounts) shall apply), all Debt Service Retention Amounts credited to the Debt Service Retention Account together with interest from time to time accruing or at any time accrued thereon must be applied by the Account Bank (and the Borrower hereby irrevocably authorises the Account Bank so to apply the same) upon each Repayment Date and/or on each day that interest is payable pursuant to Clause 8.2 (Payment Interest), and/or on each day that a Swap Payment is due to a Swap Bank pursuant to the relevant Swap Confirmation in or towards payment to the Agent or the relevant Swap Bank, as the case may be, of the Repayment Instalment then falling due for payment or, the amount of interest then due or the Swap Payment then due. Each such application by the Account Bank shall constitute a payment in or towards satisfaction of the Borrower’s corresponding payment obligations under this Agreement or the relevant Swap Contract (as applicable) but shall be strictly without prejudice to the obligations of the Borrower to make any such payment to the extent that the aforesaid application by the Account Bank is insufficient to meet the same. 19.3.3 Unless the Agent (acting on the instructions of the Majority Lenders) otherwise agrees in writing, the Borrower shall not be entitled to withdraw any moneys from the Debt Service Retention Account at any time during the Security Period other than pursuant to Clause 19.3.2.
Appears in 6 contracts
Samples: Facility Agreement, Facility Agreement, Facility Agreement (Hoegh LNG Partners LP)
