Common use of Disbursement Account Clause in Contracts

Disbursement Account. 9.1.1 The Borrower will open a disbursement account with the Agent at the latest at Financial Close, such account to be pledged by the Borrower in favour of the Lenders by entering into an account pledge agreement substantially in the form set out in Schedule 7 (Form of Account Pledge Agreement). 9.1.2 The Disbursement Account will be used to deposit (a) amounts which are disbursed under the Facility (Tranche E) (unless otherwise provided for in Clause 9.3.2 to 9.3.4), (b) amounts which are provided by the Shareholders as Shareholder Contributions up to Acceptance, (c) Start-Up Cash Flows to the extent they do not exceed the budgeted amount therefore as set out in the Base Case delivered pursuant to Schedule 2 (Conditions for the First Drawdown), paragraph 9, (d) material loss or damage insurance proceeds received prior to Acceptance which will be applied in making good the related loss; and (e) delayed start-up or business interruption insurance proceeds and/or any delay liquidated damages under the EPC Contract received, in either case, prior to Acceptance which will be applied first in or towards any increased costs and expenses incurred by the Borrower as a result of the related delay. 9.1.3 Save as otherwise specifically provided herein, the Borrower is entitled to apply any moneys standing to the credit of the Disbursement Account exclusively, and, in the case of a continuing Event of Default, only with the Agent’s prior written consent, in or towards payment of all due and payable Project Costs. 9.1.4 Any amount remaining on the Disbursement Account after Acceptance, except for amounts to be used for the payment of Post-Acceptance Costs, shall be transferred by the Borrower on to the Revenue Account.

Disbursement Account. 9.1.1 The Borrower will open a disbursement account with the Agent at the latest at Financial Close, such account to be pledged pari passu by the Borrower in favour of the Lenders by entering into an account pledge agreement substantially in and the form set out in Schedule 7 (Form of Account Pledge Agreement)Blue Mill Lenders. 9.1.2 The Disbursement Account will be used to deposit (a) amounts which are disbursed under the Facility (Tranche E) (unless otherwise provided for in Clause 9.3.2 to 9.3.4), (b) amounts which are provided by the Shareholders as Shareholder Contributions up to Acceptance, (c) Start-Up Cash Flows to the extent they do not exceed the budgeted amount therefore as set out in the Base Case delivered pursuant to Schedule 2 (Conditions for the First Drawdown), paragraph 9, (d) material loss or damage insurance proceeds received prior to Acceptance which will be applied in making good the related loss; and (e) delayed start-up or business interruption insurance proceeds and/or any delay liquidated damages under the EPC Contract received, in either case, prior to Acceptance Acceptance, respectively, which will be applied first in or towards any increased costs and expenses incurred by the Borrower as a result of the related delay. 9.1.3 Save as otherwise specifically provided herein, the Borrower is entitled to apply any moneys standing to the credit of the Disbursement Account exclusively, and, in the case of a continuing Event of Default, only with the Agent’s prior written consent, in or towards payment of all due and payable Project Costs, as the case may be. 9.1.4 Any amount remaining on the Disbursement Account after Acceptance, except for amounts to be used for the payment of Post-Acceptance Costs, Costs shall be transferred by the Borrower on to the Revenue Account.