Retention Accounts credits and withdrawals
14.5.1 Each Borrower hereby undertakes with the Creditors that it will, from the date of this Agreement and so long as any moneys are owing under the Security Documents, on each Retention Date pay to the Account Bank for credit to the applicable Retention Account, the applicable Retention Amount for such Retention Date.
14.5.2 Unless and until there shall occur an Event of Default which is continuing (whereupon the provisions of clause 14.6 shall apply), all Retention Amounts credited to the Retention Accounts together with interest from time to time accruing or at any time accrued thereon shall be applied by the Account Bank (and the Borrowers hereby irrevocably authorise the Account Bank so to apply the same) in the following manner:
(a) upon each applicable Repayment Date, and on each day that interest is payable pursuant to clause 3.1, in or towards payment to the Lenders of the instalment then falling due for repayment or (as the case may be) the amount of interest then due. Each such application by the Account Bank shall constitute a payment in or towards satisfaction of the Borrowers' corresponding payment obligations under this Agreement but shall be strictly without prejudice to the obligations of the Borrowers to make any such payment to the extent that the aforesaid application by the Account Bank is insufficient to meet the same; and
(b) following any application by the Account Bank pursuant to clause (a), in transfer to the applicable Operating Account of any moneys standing to the credit of the applicable Retention Account to the extent that such moneys do not constitute Retention Amounts previously transferred to that Retention Account pursuant to clause 14.5.1.
14.5.3 Unless the Agent otherwise agrees in writing and subject to clause 14.5.2, the Borrowers shall not be entitled to withdraw any moneys from the Retention Accounts at any time from the date of this Agreement and so long as any moneys are owing under the Security Documents.
Retention Accounts. (1) The Borrower irrevocably authorises the Original Lender to deposit the First Retention Amount and the Second Retention Amount out of the Loan on the Borrower's behalf into a solicitors account designated for this purpose by the Agent (a "RETENTION ACCOUNT").
(2) The Borrower undertakes to procure that the Retention Amounts shall be held strictly to the order of the Lenders by such firm of solicitors or other third party and on such terms as the Agent may approve.
(3) The Borrower may request the following releases from the Retention Account by notice in writing to the Agent to be given no later than 12 noon on the Business Day being two Business Days before the proposed date of such release:
(a) an amount up to or equal to the First Retention Amount may be paid to Polestar Xxxxx Limited towards consideration payable by the Borrower to Polestar Xxxxx Limited under Clause 15.3.1 or 15.3.2 of the Development Agreement; and
(b) an amount up to or equal to the Second Retention Amount may be paid to Polestar Xxxxx Limited pursuant to Clause 15.3.3 of the Development Agreement.
Retention Accounts. If the Loan is a Compounded Rate Loan, the amount in respect of interest to paid to any Retention Account shall be paid as follows in respect of each Interest Period in excess of one Month:
(a) such amount shall be paid each Month (and shall be applied against the interest required to be paid at the end of the relevant Interest Period) and be:
(i) calculated based on the amount which had been paid in the previous Interest Period; and
(ii) cleared by the Lender within reasonable time following relevant notice to the Borrower.
(b) If the amount paid, under this Paragraph 7 is in excess of the amount of interest required to be paid at the end of the relevant Interest Period, the relevant excess amount shall be retained in the Retention Account and such amount shall be calculated against the interest in respect of the next Interest Period.
(c) If this Paragraph 7 applies, the Borrower and the Lender shall agree in good faith discussions, the amount of Interest to be paid for the first Interest Period for such Compounded Rate Loan.
(d) The Borrower irrevocably authorises the Lender to make the transfers required under this Paragraph 7 (or, if applicable, to instruct the relevant account holder to make such transfers) if the Borrower fails to effect such transfers within 15 days from the date they are required to be made under this Paragraph 7.
Retention Accounts. Each Seller and the Buyer shall perform its obligations as set out in Schedule 11.
Retention Accounts. The Lenders have established and shall maintain the Retention Accounts with the Depositary. The Borrower and the Conduit Lender agree that the Operating Agent shall, subject to the terms of this Loan Agreement, have exclusive dominion and control of the Conduit Lender's Retention Account and of all monies, instruments and other property from time to time on deposit therein. The Borrower and the Committed Lender agree that the Administrative Agent shall, subject to the terms of this Loan Agreement, have exclusive dominion and control of the Committed Lender's Retention Account and of all monies, instruments and other property from time to time on deposit therein.
Retention Accounts. No Borrower shall withdraw or otherwise dispose of any amounts standing to the credit of a Retention Account without the Facility Agent’s prior written consent (acting with the authorisation of the Majority Lenders).
Retention Accounts. (a) Each Borrower shall from the Utilisation Date open and maintain a Retention Account.
(b) On an Event of Default, each Borrower shall transfer to and maintain on their Retention Account an amount equal to one third of the aggregate amount of the next Repayment Instalments and interest payment for the Tranche in respect of that Borrower.
Retention Accounts. 33 Section 6.06. Maintenance of Insurance ........................................................... 33 Section 6.07. Accounting and Financial Management ................................................ 35 Section 6.08. Financial Statements and Other Information .......................................
Retention Accounts. The Company shall cause all proceeds of any of its sales of gold, gold dore or gold ore to be deposited in the Gold Sales Proceeds Account and shall cause the Balance at all times be not less than the Debt Service Reserve Requirement. Capitalized terms used in this Section 6.05 and not otherwise defined in this Agreement have the meanings set forth in the New York Account Security Agreement.
Retention Accounts
