Common use of Application of retentions Clause in Contracts

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds standing to the credit of the Retention Account, on each Repayment Date and on each due date for the payment of interest under this Agreement distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals the amount of interest in respect of the Loan payable on that interest payment date, in discharge of the Borrowers’ liability for that Instalment or that interest.

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds standing to the credit of the Retention Account, on each Repayment Date and on each due date for the payment of interest under this Agreement distribute to the Lenders in accordance with Clause 16.4 0 so much of the then balance on the Retention Account as equals the amount of interest in respect of the Loan payable on that interest payment date, in discharge of the Borrowers’ liability for that Instalment or that interest.equals:

Application of retentions. Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds standing to the credit of the Retention Account, shall on each Repayment Date and on each due date for the payment of interest under this Agreement distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account Accounts as equals the amount of interest in respect of the Loan payable on that interest payment date, in discharge of the Borrowers’ liability for that Instalment or that interest.equals: