Transfers to Retention Account Sample Clauses
Transfers to Retention Account. (a) The Borrower shall procure that upon receipt of any amounts representing proceeds of a sale, Total Loss or, upon non delivery of a Vessel, sums received pursuant to the Refund Guarantees or from the Builder or, if any terminations fees are payable under any Time Charter, proceeds following the termination of that Time Charter, such amounts are paid into the Retention Account.
(b) Upon the occurrence of an Event of Default which is continuing, the Borrower shall procure that all Earnings in respect of the Vessels are transferred into the Retention Account.
Transfers to Retention Account. The Borrower undertakes with each Creditor Party to ensure that in each calendar month of the Security Period commencing on 16 November 2010 and on the same day in each subsequent month, there is transferred to the Retention Account out of the aggregate Earnings received in the Earnings Accounts during the preceding calendar month:
(a) one-third of the amount of each repayment instalment which is required to be paid pursuant to Clause 8.1(a) on the next Repayment Date.
(b) the relevant fraction of the amount of interest on the Loan which is payable on the next due date for payment of interest for the Loan under this Agreement. The “relevant fraction” in paragraph (b) above, is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period applicable to the Loan (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 or the last due date for payment of interest to the next date for payment of interest under this Agreement).”;
Transfers to Retention Account. On the day in each calendar month during the Facility Period which numerically corresponds to the Advance Date for each Tranche (or, in any month in which there is no such day, on the last Business Day of that month), the Borrower shall procure that there is transferred from the Earnings Account and irrevocably authorises the Agent to instruct the Account Holder to transfer from the Earnings Account to the Retention Account:-
11.3.1 one-third of the amount of the Repayment Instalment due on the next Repayment Date in respect of that Tranche; and
11.3.2 the amount of interest due in respect of that Tranche on the next Interest Payment Date divided by the number of months between the last Interest Payment Date and the Interest Payment Date in question.
Transfers to Retention Account. On the day in each calendar month during the Facility Period which numerically corresponds to the Drawdown Date (or, if there is no such day, on the last Business Day of that month), the Borrower shall procure that there is transferred from the Earnings Account to the Retention Account:
10.5.1 one-third of the amount of the Repayment Instalment due on the next Repayment Date (which shall be deemed to be the day for that transfer if that day is a Repayment Date); and
10.5.2 the amount of interest due on the next Interest Payment Date (which shall be deemed to be the day for that transfer if that day is an Interest Payment Date) divided by the number of months between the last Interest Payment Date (or, if none, the Drawdown Date) and that next Interest Payment Date, and the Borrower irrevocably authorises the Agent to instruct the Account Holder to make those transfers.
Transfers to Retention Account. On the day in each calendar month during the Facility Period which numerically corresponds to the first Drawdown Date in respect of each Tranche (or, if there is no such day, on the last Business Day of that month), the Borrowers shall procure that there is transferred from the relevant Earnings Account to the Retention Account:
10.4.1 firstly, any amounts due to the Lenders under the Finance Documents, other than principal and interest on the relevant Tranche; and
10.4.2 secondly, one-third of the amount of the Repayment Instalment due on the next Repayment Date (which shall be the day for that transfer if that day is a Repayment Date) and the amount of interest in respect of the relevant Tranche due on the next Interest Payment Date (which shall be deemed to be the day for that transfer if that day is an Interest Payment Date) divided by the number of months between the last Interest Payment Date (or, if none, the Drawdown Date in respect of that Tranche) and that next Interest Payment Date, and the Borrowers irrevocably authorise the Agent to make those transfers.
Transfers to Retention Account. The Borrower undertakes with each Creditor Party to ensure that in each calendar month of the Security Period commencing on the date falling 1 month after the first Drawdown Date and on the same day in each subsequent month, there is transferred to the Retention Account out of the aggregate Earnings received in the Earnings Accounts during the preceding calendar month:
(a) one-third of the amount of each reduction which is required to be made pursuant to Clause 8.1(a) on the next Reduction Date;
(b) the relevant fraction of the amount of interest on the Loan which is payable on the next due date for payment of interest for the Loan under this Agreement. The “relevant fraction” in paragraph (b) above, is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period applicable to the Loan (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 or the last due date for payment of interest to the next date for payment of interest under this Agreement).
Transfers to Retention Account. The Borrower undertakes with each Creditor Party to ensure that:
(a) no later than 3 days after a Relevant Dividend Declaration Date, there shall be transferred to the Retention Account out of the aggregate Earnings received in the Earnings Accounts, the repayment instalment falling due under Clause 8.1 at that time; and
(b) in each calendar month of the Security Period commencing on the date falling 1 month after the first Drawdown Date and on the same day in each subsequent month, there is transferred to the Retention Account out of the aggregate Earnings received in the Earnings Accounts during the preceding calendar month the relevant fraction of the amount of interest on the Loan which is payable on the next due date for payment of interest for the Loan under this Agreement. The “relevant fraction” in paragraph (b) above, is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period applicable to the Loan (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 or the last due date for payment of interest to the next date for payment of interest under this Agreement).
Transfers to Retention Account. On the day in each calendar month during the Facility Period which numerically corresponds to the Drawdown Date in respect of a Vessel Tranche (or, if there is no such day, on the last Business Day of that month), the Borrower shall, subject to Clause 10.9, procure that there is transferred from the relevant Earnings Account to the relevant Retention Account:
10.5.1 one-third of the amount of the Repayment Instalment due on the next Repayment Date; and
10.5.2 the amount of interest due on the next Interest Payment Date divided by the number of months between the last Interest Payment Date (or, if none, the Drawdown Date of that Vessel Tranche) and that next Interest Payment Date, and the Borrower irrevocably authorises the Agent and will procure that each Collateral Owner irrevocably instructs the Agent, to make those transfers provided always that, if the Borrower has exercised its option under Clause 4.1, the amount of the Repayment Instalment referred to in Clause 10.5.1 shall be one half (½) of the amount of that Repayment Instalment due on the next Repayment Date rather than one third (⅓).
Transfers to Retention Account. Commencing from the date which is one calendar month after the Drawdown Date, on the day in each calendar month during the Facility Period which numerically corresponds to the Drawdown Date (or, if there is no such day, on the last Business Day of that month), the Borrower shall procure that there is transferred to the Retention Account:
17.4.1 one-third of the amount of the Repayment Instalment due on the next Repayment Date (which shall be deemed to be the day for that transfer if that day is a Repayment Date); and
17.4.2 one third of the amount of interest due on the next Interest Payment Date (which shall be deemed to be the day for that transfer if that day is an Interest Payment Date).
Transfers to Retention Account. Following the Drawdown Date, on the day in each calendar month during the remainder of the Facility Period which numerically corresponds to the Drawdown Date (or, if there is no such day, on the last Business Day of that month), the Borrower shall procure that there is transferred from the Earnings Account:
10.4.1 first, to Lenders and the Agent in or towards payment of all unpaid fees and expenses;
10.4.2 second, to the Retention Account:
(a) one-third of the amount of the Repayment Instalment due on the next Repayment Date (which shall be deemed to be the day for that transfer if that day is a Repayment Date); and
(b) the amount of interest due on the next Interest Payment Date (which shall be deemed to be the day for that transfer if that day is an Interest Payment Date) divided by the number of months between the last Interest Payment Date (or, if none, the Drawdown Date) and that next Interest Payment Date. From any balance remaining in the Earnings Account immediately following the transfer referred to at Clauses 10.4.1 and 10.4.2, there shall be paid to the Swap Provider the net amounts actually payable to the Swap Provider by the Borrower under the Transactions, provided that the manner of application as between the Swap Provider referred to in Clause 10.15.7 (General application of moneys after acceleration) shall apply if the full amount to be applied is insufficient to satisfy the full amount then due and owing to the Swap Provider. The Borrower irrevocably authorises the Security Agent to instruct the Account Holder to make the transfers referred to in this Clause.