Common use of Restriction on Withdrawals Clause in Contracts

Restriction on Withdrawals. (a) The Agent may at any time withdraw from the Receipts Accounts such amounts as are necessary to pay all amounts due and payable to the Agent in accordance with this Agreement. (b) The Agent may delegate its powers to make withdrawals under this clause to any administrative receiver, receiver and/or manager appointed under the powers contained in the Security Documents. (c) The Borrowers hereby gives its irrecoverable authority to the Agent to effect the withdrawals, payments and transfers referred to in this clause. (d) No withdrawals other than those referred to in clause 21.3.2 may be made without the consent of the Agent.

Restriction on Withdrawals. (a) The Agent may at any time withdraw from the Receipts Accounts Service Account such amounts as are necessary to pay all amounts due and payable to the Agent in accordance with this Agreement. (b) The Agent may delegate its powers to make withdrawals under this clause to any administrative receiver, receiver and/or manager appointed under the powers contained in the Security Documents. (c) The Borrowers hereby gives its their irrecoverable authority to the Agent to effect the withdrawals, payments and transfers referred to in this clause. (d) No withdrawals other than those referred to in clause 21.3.2 21.2.1 may be made without the consent of the Agent.