Common use of Sources and Uses Clause in Contracts

Sources and Uses. (A) The Original Borrower must supply to the Facility Agent on 31 March and 30 September in each year (each such date a "Sources and Uses Statement Date") and may supply to the Facility Agent at any other time (in sufficient copies for all the Lenders if the Facility Agent so requests) for the following twelve month period: (i) a sources and uses statement ("Sources and Uses Statement") in the form set out in Part I of Schedule 15 to this Agreement; and (ii) a liquidity statement ("Liquidity Statement") in the form set out in Part II of Schedule 15 to this Agreement. (B) In relation to any Sources and Uses Statement and/or any Liquidity Statement prepared on a Sources and Uses Statement Date, in the event that the aggregate costs to be applied under any Sources and Uses Statement and/or any Liquidity Statement delivered to the Facility Agent under paragraph (A) above exceed the funding which is projected to be available to meet those costs (respectively), then the Original Borrower shall consult with the Facility Agent and the Technical and Modelling Bank in good faith with a view to agreeing a plan pursuant to which the Original Borrower will be able to meet any projected shortfall in funding. (C) Notwithstanding paragraph (B) above, within 30 days of the relevant Sources and Uses Statement Date, the Original Borrower shall deliver to the Facility Agent the Original Borrower's remedial plan for the funding of any projected shortfall in funding shown in a Sources and Uses Statement and/or a Liquidity Statement. Each Borrower shall use all reasonable endeavours to comply with such plan (or any update thereto which it delivers to the Facility Agent), and shall consult on a regular basis with the Facility Agent and the Technical and Modelling Bank on the remedial steps being taken to fund any projected shortfall in funding. (D) In the event that the sum of Project Costs and Scheduled KEL Debt Payments specified under any Sources and Uses Statement delivered to the Facility Agent under paragraph (A)(i) above exceeds the funding which is projected to be available to meet those Project Costs and Scheduled KEL Debt Payments, then a Junior Payment Stop Event (as defined in the KEFI Intercreditor Agreement) will be deemed to have occurred in accordance with the process set out in clause 4.4 (Issue of Junior Payment Stop Notice) of the KEFI Intercreditor Agreement. Notwithstanding this clause 24.8(D), nothing shall block the payment of Scheduled KEL Debt Payments or the making of a Scheduled KEL Debt Payment Distribution which is paid or made from amounts standing to the credit of the Distributions Reserve Account. (E) A Default or an Event of Default will not occur solely as a result of a Sources and Uses Statement or a Liquidity Statement showing a shortfall in funding.

Appears in 1 contract

Samples: Loan Agreement (Kosmos Energy Ltd.)

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Sources and Uses. (A) The Original Borrower Kosmos must supply to the Facility Agent on 31 March and 30 September in each year (each such date a "Sources and Uses Statement Date") Forecast Date and may supply to the Facility Agent at any other time (in sufficient copies for all the Lenders if the Facility Agent so requests) for the following twelve month period: (i) a sources and uses statement ("Sources and Uses Statement") in the form set out in Part I of Schedule 15 to this Agreement; and (ii) a liquidity statement ("Liquidity Statement") in the form set out in Part II of Schedule 15 to this Agreement. (B) In relation to any Sources and Uses Statement and/or any Liquidity Statement prepared on a Sources and Uses Statement Forecast Date, in the event that the aggregate costs to be applied under any Sources and Uses Statement and/or any Liquidity Statement delivered to the Facility Agent under paragraph (A) above exceed the funding which is projected to be available to meet those costs (respectively), then the Original Borrower shall consult with the Facility Agent and the Technical and Modelling Bank in good faith with a view to agreeing a plan pursuant to which the Original Borrower will be able to meet any projected shortfall in funding. (C) Notwithstanding paragraph (B) above, within 30 days of the relevant Sources and Uses Statement Forecast Date, the Original Borrower shall deliver to the Facility Agent the Original Borrower's ’s remedial plan for the funding of any projected shortfall in funding shown in a Sources and Uses Statement and/or a Liquidity Statement. Each Statement and the Borrower shall use all reasonable endeavours to comply with such plan (or any update thereto which it delivers to the Facility Agent), and shall consult on a regular basis with the Facility Agent and the Technical and Modelling Bank on the remedial steps being taken to fund any projected shortfall in funding. (D) In the event that the sum of Project Costs and Scheduled KEL Debt Payments specified under any Sources and Uses Statement delivered to the Facility Agent under paragraph (A)(i) above exceeds the funding which is projected to be available to meet those Project Costs and Scheduled KEL Debt Payments, then a Junior Payment Stop Event (as defined in the KEFI Intercreditor Agreement) will be deemed to have occurred in accordance with the process set out in clause Clause 4.4 (Issue of Junior Payment Stop Notice) of the KEFI Intercreditor Agreement. Notwithstanding this clause 24.8(D), nothing shall block the payment of Scheduled KEL Debt Payments or the making of a Scheduled KEL Debt Payment Distribution which is paid or made from amounts standing to the credit of the Distributions Reserve Account. (E) A Default or an Event of Default will not occur solely as a result of under any circumstances if a Sources and Uses Statement or a Liquidity Statement showing shows a shortfall in funding.

Appears in 1 contract

Samples: Facility Agreement (Kosmos Energy Ltd.)

Sources and Uses. (A) The Original Borrower Kosmos must supply to the Facility Agent on 31 March and 30 September in each year (each such date a "Sources and Uses Statement Date") Forecast Date and may supply to the Facility Agent at any other time (in sufficient copies for all the Lenders if the Facility Agent so requests) for the following twelve month period: (i) a sources and uses statement ("Sources and Uses Statement") in the form set out in Part I of Schedule 15 to this Agreement; and (ii) a liquidity statement ("Liquidity Statement") in the form set out in Part II of Schedule 15 to this Agreement. (B) In relation to any Sources and Uses Statement and/or any Liquidity Statement prepared on a Sources and Uses Statement Forecast Date, in the event that the aggregate costs to be applied under any Sources and Uses Statement and/or any Liquidity Statement delivered to the Facility Agent under paragraph (A) above exceed the funding which is projected to be available to meet those costs (respectively), then the Original Borrower shall consult with the Facility Agent and the Technical and Modelling Bank in good faith with a view to agreeing a plan pursuant to which the Original Borrower will be able to meet any projected shortfall in funding. (C) Notwithstanding paragraph (B) above, within 30 days of the relevant Sources and Uses Statement Forecast Date, the Original Borrower shall deliver to the Facility Agent the Original Borrower's ’s remedial plan for the funding of any projected shortfall in funding shown in a Sources and Uses Statement and/or a Liquidity Statement. Each Statement and the Borrower shall use all reasonable endeavours to comply with such plan (or any update thereto which it delivers to the Facility Agent), and shall consult on a regular basis with the Facility Agent and the Technical and Modelling Bank on the remedial steps being taken to fund any projected shortfall in funding. (D) In the event that the sum of Project Costs and Scheduled KEL Debt Payments specified under any Sources and Uses Statement delivered to the Facility Agent under paragraph (A)(i) above exceeds the funding which is projected to be available to meet those Project Costs and Scheduled KEL Debt Payments, then a Junior Payment Stop Event (as defined in the KEFI Intercreditor Agreement) will be deemed to have occurred in accordance with the process set out in clause Clause 4.4 (Issue of Junior Payment Stop Notice) of the KEFI Intercreditor Agreement. Notwithstanding this clause 24.8(D32.8(D), nothing shall block the payment of Scheduled KEL Debt Payments or the making of a Scheduled KEL Debt Payment Distribution which is paid or made from amounts standing to the credit of the Distributions Reserve Account. (E) A Default or an Event of Default will not occur solely as a result of under any circumstances if a Sources and Uses Statement or a Liquidity Statement showing shows a shortfall in funding.

Appears in 1 contract

Samples: Deed of Amendment and Restatement (Kosmos Energy Ltd.)

Sources and Uses. (A) The Original Borrower must supply to the Facility Agent on 31 March and 30 September in each year (each such date a "Sources and Uses Statement Date") and may supply to the Facility Agent at any other time (in sufficient copies for all the Lenders if the Facility Agent so requests) for the following twelve month period: (i) a sources and uses statement ("Sources and Uses Statement") in the form set out in Part I of Schedule 15 to this Agreement; and (ii) a liquidity statement ("Liquidity Statement") in the form set out in Part II of Schedule 15 to this Agreement. (B) In relation to any Sources and Uses Statement and/or any Liquidity Statement prepared on a Sources and Uses Statement Date, in the event that the aggregate costs to be applied under any Sources and Uses Statement and/or any Liquidity Statement delivered to the Facility Agent under paragraph (A) above exceed the funding which is projected to be available to meet those costs (respectively), then the Original Borrower shall consult with the Facility Agent and the Technical and Modelling Bank in good faith with a view to agreeing a plan pursuant to which the Original Borrower will be able to meet any projected shortfall in funding. (C) Notwithstanding paragraph (B) above, within 30 days of the relevant Sources and Uses Statement Date, the Original Borrower shall deliver to the Facility Agent the Original Borrower's ’s remedial plan for the funding of any projected shortfall in funding shown in a Sources and Uses Statement and/or a Liquidity Statement. Each Borrower shall use all reasonable endeavours to comply with such plan (or any update thereto which it delivers to the Facility Agent), and shall consult on a regular basis with the Facility Agent and the Technical and Modelling Bank on the remedial steps being taken to fund any projected shortfall in funding. (D) In the event that the sum of Project Costs and Scheduled KEL Debt Payments specified under any Sources and Uses Statement delivered to the Facility Agent under paragraph (A)(i) above exceeds the funding which is projected to be available to meet those Project Costs and Scheduled KEL Debt Payments, then a Junior Payment Stop Event (as defined in the KEFI Intercreditor Agreement) will be deemed to have occurred in accordance with the process set out in clause Clause 4.4 (Issue of Junior Payment Stop Notice) of the KEFI Intercreditor Agreement. Notwithstanding this clause 24.8(D), nothing shall block the payment of Scheduled KEL Debt Payments or the making of a Scheduled KEL Debt Payment Distribution which is paid or made from amounts standing to the credit of the Distributions Reserve Account. (E) A Default or an Event of Default will not occur solely as a result of a Sources and Uses Statement or a Liquidity Statement showing a shortfall in funding.

Appears in 1 contract

Samples: Deed of Amendment and Restatement (Kosmos Energy Ltd.)

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Sources and Uses. (A) The Original Borrower Kosmos must supply to the Facility Agent on 31 March and 30 September in each year (each such date a "Sources and Uses Statement Date") and may supply to the Facility Agent at any other time Forecast Date (in sufficient copies for all the Lenders if the Facility Agent so requests), a sources and uses statement (“Sources and Uses Statement”) showing, for the following twelve month period: (i) a sources and uses statement ("Sources and Uses Statement") in the form set out in Part I of Schedule 15 Project Costs projected to this Agreementbe incurred; and (ii) a liquidity statement ("Liquidity Statement") in the form set out in Part II sources of Schedule 15 funds to this Agreementbe used to cover such Project Costs. (B) In relation to any Sources and Uses Statement and/or any Liquidity Statement prepared on a Sources and Uses Statement Date, in the event that the aggregate costs to be applied Project Costs specified under any Sources and Uses Statement and/or any Liquidity Statement delivered to the Facility Agent under paragraph (AA)(i) above exceed the funding which is projected to be available to meet those costs (respectively)Project Costs, then the Original Borrower shall consult with the Facility Agent and the Technical and Modelling Bank in good faith with a view to agreeing a plan pursuant to which the Original Borrower will be able to meet any projected shortfall in funding. (C) Notwithstanding paragraph (B) above, within 30 days of the relevant Sources and Uses Statement Forecast Date, the Original Borrower shall deliver to the Facility Agent the Original Borrower's ’s remedial plan for the funding of any projected shortfall in funding shown in a Sources and Uses Statement and/or a Liquidity Statement. Each the Borrower shall use all reasonable endeavours to comply with such plan (or any update thereto which it delivers to the Facility Agent), and shall consult on a regular basis with the Facility Agent and the Technical and Modelling Bank on the remedial steps being taken to fund any projected shortfall in funding. (D) In the event that the sum of Project Costs and Scheduled KEL Debt Payments specified under any Sources and Uses Statement delivered to the Facility Agent under paragraph (A)(i) above exceeds the funding which is projected to be available to meet those Project Costs and Scheduled KEL Debt Payments, then a Junior Payment Stop Event (as defined in the KEFI Intercreditor Agreement) will be deemed to have occurred in accordance with the process set out in clause 4.4 (Issue of Junior Payment Stop Notice) of the KEFI Intercreditor Agreement. Notwithstanding this clause 24.8(D), nothing shall block the payment of Scheduled KEL Debt Payments or the making of a Scheduled KEL Debt Payment Distribution which is paid or made from amounts standing to the credit of the Distributions Reserve Account. (E) A Default or an Event of Default will not occur solely as a result of under any circumstances if a Sources and Uses Statement or a Liquidity Statement showing shows a shortfall in funding.

Appears in 1 contract

Samples: Facility Agreement (Kosmos Energy Ltd.)

Sources and Uses. (A) The Original Borrower must supply to the Facility Agent on 31 March and 30 September in each year (each such date a "Sources and Uses Statement Date") and may supply to the Facility Agent at any other time (in sufficient copies for all the Lenders if the Facility Agent so requests) for the following twelve month period: (i) a sources and uses statement ("Sources and Uses Statement") in the form set out in Part I of Schedule 15 to this Agreement; and (ii) a liquidity statement ("Liquidity Statement") in the form set out in Part II of Schedule 15 to this Agreement. (B) In relation to any Sources and Uses Statement and/or any Liquidity Statement prepared on a Sources and Uses Statement Date, in the event that the aggregate costs to be applied under any Sources and Uses Statement and/or any Liquidity Statement delivered to the Facility Agent under paragraph (A) above exceed the funding which is projected to be available to meet those costs (respectively), then the Original Borrower shall consult with the Facility Agent and the Technical and Modelling Bank in good faith with a view to agreeing a plan pursuant to which the Original Borrower will be able to meet any projected shortfall in funding. (C) Notwithstanding paragraph (B) above, within 30 days of the relevant Sources and Uses Statement Date, the Original Borrower shall deliver to the Facility Agent the Original Borrower's remedial plan for the funding of any projected shortfall in funding shown in a Sources and Uses Statement and/or a Liquidity Statement. Each Borrower shall use all reasonable endeavours to comply with such plan (or any update thereto which it delivers to the Facility Agent), and shall consult on a regular basis with the Facility Agent and the Technical and Modelling Bank on the remedial steps being taken to fund any projected shortfall in funding. (D) In the event that the sum of Project Costs and Scheduled KEL Debt Payments specified under any Sources and Uses Statement delivered to the Facility Agent under paragraph (A)(i) above exceeds the funding which is projected to be available to meet those Project Costs and Scheduled KEL Debt Payments, then a Junior Payment Stop Event (as defined in the KEFI Intercreditor Agreement) will be deemed to have occurred in accordance with the process set out in clause Clause 4.4 (Issue of Junior Payment Stop Notice) of the KEFI Intercreditor Agreement. Notwithstanding this clause 24.8(D), nothing shall block the payment of Scheduled KEL Debt Payments or the making of a Scheduled KEL Debt Payment Distribution which is paid or made from amounts standing to the credit of the Distributions Reserve Account. (E) A Default or an Event of Default will not occur solely as a result of a Sources and Uses Statement or a Liquidity Statement showing a shortfall in funding.

Appears in 1 contract

Samples: Loan Agreement (Kosmos Energy Ltd.)

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