Common use of Monthly retentions Clause in Contracts

Monthly retentions. The Borrower undertakes with the Lender to ensure that, in each calendar month of the Security Period after the first Drawdown Notice is served, on such dates as the Lender may from time to time specify, there is transferred to the Retention Account out of the Earnings received in the Operating Account during the preceding calendar month: (a) one-sixth of the amount of the Repayment Instalment falling due under Clause 7 on the next Repayment Date; and (b) the relevant fraction of the aggregate amount of interest on each Tranche which is payable on the next due date for payment of interest under this Agreement. The "relevant fraction" is, in relation to each Tranche, a fraction of which the numerator is one and the denominator the number of months comprised in the then current Interest Period applicable to that Tranche (or, if the current Interest Period ends after the next date for payment of interest under this Agreement, the number of months from the later of the commencement of the current Interest Period and the last due date for payment of interest to the next date for payment of interest under this Agreement).

Monthly retentions. The Each Borrower undertakes with the Lender to ensure that, in each calendar month of the Security Period (after the first Drawdown Notice is served, Date) on such dates as the Lender may from time to time specify, there is transferred to the Retention Account out of the Earnings received in the Operating Account Earnings Accounts during the preceding calendar month: (a) one-sixth one‑third of the amount of the Repayment Instalment falling due under Clause 7 on the next Repayment Date; and (b) the relevant fraction of the aggregate amount of interest on each Tranche the Loan which is payable on the next due date for payment of interest under this Agreement, and if the Borrowers delay the transfer of the above amounts to the Retention Account, the Lender is hereby authorised to effect such transfer. The "relevant fraction" is, in relation to each Tranche, is a fraction of which the numerator is one 1 and the denominator the number of months comprised in the then current Interest Period applicable to that Tranche (or, if the current Interest Period ends after the next date for payment of interest under this Agreementperiod is shorter, the number of months from the later of the commencement of the current Interest Period and or the last due date for payment of interest to the next due date for payment of interest under this Agreement).

Monthly retentions. The Borrower undertakes Borrowers undertake with the Lender to ensure Bank that, throughout the Facility Period, commencing on the date falling one month after the Drawdown Date and on the same day in each calendar month of the Security Period after the first Drawdown Notice is served, on such dates as the Lender may from time to time specifysubsequent month, there is transferred to the Retention Account out of the aggregate Earnings received in the Operating each Earnings Account during the preceding calendar month: (a) one-sixth third of the amount of the Repayment Instalment repayment instalment falling due under Clause 7 clause 4.1 on the next Repayment Date; and (b) the relevant applicable fraction of the aggregate amount of interest on each Tranche which is payable on the next due date for payment of interest for the Loan under this Agreement. The "“relevant fraction" is, in relation to each Tranche, ” is a fraction of which the numerator is one 1 and the denominator the number of months comprised in the then current Interest Period applicable to that Tranche (or, if the current Interest Period ends after the next date for payment of interest under this Agreement, the number of months from the later of the commencement of the current Interest Period and or the last due date for payment of interest to the next date for payment of interest under this Agreement).