Common use of Payments and Application of Payments Clause in Contracts

Payments and Application of Payments. otherwise than as referred to in Clause 9.1.2 (Disbursement Account) and save for (a) any proceeds of material loss and damage insurance obtained after Acceptance which will be paid to the Insurance Account and applied in accordance with Clause 9.4.4 (Application of Insurance Proceeds), (b) any third party liability insurance which will be paid directly to the relevant third party, and (c) Excess Start-up Cash Flows up to a maximum amount of EUR 15 million which will be paid into the Equity Reserve Account ensure that all monies received by it in connection with the Project are paid to the Proceeds Account and applied in accordance with Clause 9.4.3 (Application of Moneys on Proceeds Account). Amounts received in respect of the Government Grants and VAT refunds shall, however, be applied to the repayment of Tranche E in accordance with Clause 6.3.9 (Repayments other than First Repayment) or for purposes corresponding to the purpose of Tranche E. To the extent that, at the time these amounts are received on a date after the First Repayment Date on which Tranche E has been completely repaid in accordance with Clause 9.4.3(a)(xi) (Application of Moneys on Proceeds Account), the Borrower will however transfer these amounts to the Shareholders’ Account.

Payments and Application of Payments. otherwise than as referred to in Clause 9.1.2 (Disbursement Account) and save for (a) any proceeds of material loss and damage insurance obtained after Acceptance which will be paid to the Insurance Account and applied in accordance with Clause 9.4.4 (Application of Insurance Proceeds), (b) any third party liability insurance which will be paid directly to the relevant third party, and (c) Excess Start-up Cash Flows up to a maximum amount of EUR 15 million which will be paid into the Equity Reserve Account ensure that all monies received by it in connection with the Project are paid to the Proceeds Account and applied in accordance with Clause 9.4.3 (Application of Moneys on Proceeds Account). Amounts received in respect of the Government Grants and VAT refunds shall, however, be applied to the repayment of Tranche E in accordance with Clause 6.3.9 6.3.8 (Repayments other than First Repayment) or for purposes corresponding to the purpose of Tranche E. To the extent that, at the time these amounts are received on a date after the First Repayment Date on which Tranche E has been completely repaid in accordance with Clause 9.4.3(a)(xi9.4.3(a)(x) (Application of Moneys on Proceeds Account), the Borrower will however transfer these amounts to the Shareholders’ Account.

Payments and Application of Payments. otherwise than as referred to in Clause 9.1.2 (Disbursement Account) and save for (a) any proceeds of material loss and damage insurance obtained after Acceptance which will be paid to the Insurance Account and applied in accordance with Clause 9.4.4 (Application of Insurance Proceeds), (b) any third party liability insurance which will be paid directly to the relevant third party, and (c) Excess Start-up Cash Flows up to a maximum amount of EUR 15 million which will be paid into the Equity Reserve Account ensure that all monies received by it in connection with the Project are paid to the Proceeds Account and applied in accordance with Clause 9.4.3 (Application of Moneys on Proceeds Account). Amounts received in respect of the Government Grants and VAT refunds shall, however, be applied to the repayment of Tranche E in accordance with Clause 6.3.9 6.3.8 (Repayments other than First Repayment) or for purposes corresponding to the purpose of Tranche E. To the extent that, at the time these amounts are received on a date and at such time after the First Repayment Date on which when Tranche E has been completely repaid in accordance with Clause 9.4.3(a)(xi9.4.3(a)(x) (Application of Moneys on Proceeds Account), the Borrower will however transfer these amounts to the Shareholders’ ' Account.