Application of Retention Account. The Borrower shall procure that there is transferred from the Retention Account to the Agent:
Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause 6.5(a) upon a sale, Total Loss or non delivery of a Vessel, the Borrower shall procure that there is transferred from the Retention Account (and irrevocably authorises the Facility Agent to instruct the Account Bank to transfer from the Retention Account) to the Facility Agent in prepayment of the relevant Loan any amounts as may be required pursuant to Clause 6.5 and (unless an Event of Default shall have occurred and be continuing) the balance of the proceeds of a sale, Total Loss or non delivery of the relevant Vessel, following the transfer referred to above, may be released to such other account as the Borrower shall designate.
Application of Retention Account. The Borrower shall procure that there is transferred from the Retention Account to the Lender:
Application of Retention Account. The Borrower shall procure that there is transferred from the Retention Account to the Agent for the account of the Lenders: (a) on each Repayment Date in respect of the Loan, the amount of the Repayment Instalment then due;
Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause 6.5(a) upon a sale or Total Loss of a Vessel, the Borrower shall procure that there is transferred from the Retention Account (and irrevocably authorises the Facility Agent to instruct the Account 37 21 July 2005 Bank to transfer from the Retention Account) to the Facility Agent in prepayment of the relevant Loan:
Application of Retention Account. The Borrowers shall procure that there is transferred from the Retention Account (and irrevocably authorise the Agent to transfer from the Retention Account) to the Agent on behalf of the Banks:-
Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause 6.4 (Mandatory prepayment – Sale or Total Loss of a Secured Vessel) upon a sale or Total Loss of a Secured Vessel, the Borrower shall procure that there is transferred from the Retention Account (and irrevocably authorises the Facility Agent to instruct the Account Bank to transfer from the Retention Account) to the Facility Agent, in prepayment of the relevant Loan, any amounts as may be required pursuant to Clause 6.4 to ensure that the Loan to Value Ratio is less than the Borrowing Base Advance Ratio. Unless an Event of Default shall have occurred and be continuing, the balance of the proceeds of a sale or Total Loss of the relevant Secured Vessel following such transfer from the Retention Account may be released to such other account as the Borrower shall designate.
Application of Retention Account. (a) In the event that a mandatory prepayment obligation arises under Clause (a) (Unless the Borrower complies with the provisions of Clause 16.25(c) (Termination of Time Charter) or the Facility Agent receives additional security satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders), upon the termination of a Time Charter in accordance with 16.25(b) (Termination of Time Charter) or the Bareboat Charter, the Borrower shall be obliged to prepay the outstanding Loan to the extent necessary to ensure that the Loan to Value Ratio is no greater than the Borrowing Base Advance Ratio.
