Common use of Application of retentions Clause in Contracts

Application of retentions. (a) The Security Agent has sole signing rights in relation to the Retention Account. (b) Until an Event of Default occurs, the Facility Agent shall instruct the Security Agent to release to it, on each Repayment Date and on each Interest Payment Date, for distribution to the Finance Parties in accordance with Clause 35.2 (Distributions by the Facility Agent) so much of the then balance on the Retention Account as equals: (i) the Repayment Instalment due on that Repayment Date; and (ii) the amount of interest payable on that Interest Payment Date, in discharge of the Borrowers' liability for that Repayment Instalment or that interest as the case may be.

Application of retentions. (a) The Security Agent has sole signing rights in relation to the Retention Account. (b) Until an Event of Default occurs, the Facility Agent shall instruct the Security Agent to release to it, on each Repayment Date and on each Interest Payment Date, for distribution to the Finance Parties in accordance with Clause 35.2 (Distributions by the Facility Agent) so much of the then balance on the Retention Account as equals: (i) the any Repayment Instalment due on that Repayment Date; and; (ii) the amount of interest payable on that Interest Payment Date, ; in discharge of the Borrowers' liability for that Repayment Instalment or that interest interest, as the case may be.

Application of retentions. (a) The Security Agent has sole signing rights in relation to the Retention Account. (b) Until an Event of Default occurs, the Facility Agent shall instruct the Security Agent to release to it, on each Repayment Date and on each Interest Payment Date, for distribution to the Finance Parties in accordance with Clause 35.2 32.2 (Distributions by the Facility Agent) so much of the then balance on the Retention Account as equals: (i) the Repayment Instalment due on that Repayment Date; and (ii) the amount of interest payable on that Interest Payment Date, in discharge of the Borrowers' liability for that Repayment Instalment or that interest as the case may be.