Repayment Reserve Account. Party A shall open a Repayment Reserve Account in Party B or use the existing account (Account No.: 12001835100052506057) in Party B as the Repayment Reserve Account within thirty business days following the effective date hereof. The Repayment Reserve Account shall meet the following requirements:
Repayment Reserve Account. The Borrower shall designate the Repayment Reserve Account as its account for collecting 80% of all account receivables related to sales of products, and provide the Facility Agent with the statements in respect of other account related to the receivables of the Project as reasonably requested by the Lenders (through the Facility Agent). If the Borrower fails to repay in time any amount due and payable under the Finance Documents, the Borrower hereby irrevocably authorizes the Facility Agent to withdraw from the Repayment Reserve Account relevant amount and use such amount towards repaying or setting off the obligations due and payable by the Borrower under the Finance Documents.
Repayment Reserve Account. The borrower shall open a repayment reserve account at the agent bank within [one day after the signing of the syndicated loan]. All proceeds under the project shall first be deposited into this account and then used by the borrower. The fund balance in this account shall not be less than [the sum of principal and interest payable in the current period] [15] days before the first repayment date. In the event that the borrower fails to repay any amount due and payable on time and in full in accordance with the provisions of this Contract, the agent bank shall have the right to deduct the relevant amount directly from the repayment reserve account for repayment.
