Disposal Account. Franchisee shall establish a disposal account with the Solid Waste Division for the disposal of Solid Waste collected and delivered to the Designated Facility. An account number shall be established for Franchisee upon opening of the account. Franchisee shall pay all monthly Solid Waste disposal rates and charges by the twentieth (20th) of each month.
Disposal Account. (a) The Facility Agent has sole signing rights in relation to the Disposal Account.
(b) Where, following a disposal of the whole of a Property (or a part thereof) permitted under this Agreement or a compulsory purchase as contemplated by Clause 7.2 (Mandatory prepayment – compulsory purchase), any amount (a "Disposal Amount") required to be paid into the Disposal Account under Clause 17.13 (Disposals) or Clause 7.2 (Mandatory prepayment – compulsory purchase) is received into the Disposal Account during an Interest Period, the Facility Agent must, on the next Interest Payment Date:
(i) apply that Disposal Amount in respect of the relevant disposal towards prepayment of the Loans pro rata; and
(ii) thereafter, apply any remaining portion of that Disposal Amount still standing to the credit of the Disposal Account if any or, if no Event of Default is outstanding, to the General Account.
(c) Amounts standing to the credit of the Disposal Account shall bear interest at the rate normally offered by the relevant Approved Bank to corporate depositors of amounts similar to the relevant amount for periods of deposit similar to the LEGAL_EU # 10964296.8 anticipated period of deposit of the relevant amount. The interest earned on such account will be for the account of the Company and, if no Event of Default is outstanding, shall be paid into the General Account.
Disposal Account. (a) The Facility Agent has sole signing rights in relation to the Disposal Account.
(b) Where, following a disposal of the whole of a Property permitted under this Agreement or a compulsory purchase as contemplated by Clause 7.2 (Mandatory prepayment – compulsory purchase), any amount (a Disposal Amount) required to be paid into the Disposal Account under Clause 17.13 (Disposals) or Clause 7.2 (Mandatory prepayment – compulsory purchase) is received into the Disposal Account during an Interest Period, subject to paragraph (c) below, the Facility Agent must, on the next Interest Payment Date:
(i) apply an amount of that Disposal Amount equal to the Required Amount in respect of the relevant disposal towards:
(A) prepayment of the Loans, in an amount equal to the Applicable Release Pricing Amount in respect of the relevant disposal; and
(B) payment of all other amounts then due to the Finance Parties under the Finance Documents as a result of such prepayment; and
(ii) thereafter, apply any remaining portion of that Disposal Amount still standing to the credit of the Disposal Account, if no Event of Default is outstanding, to the General Account.
(c) If a Disposal Amount is received into the Disposal Account from the proceeds of the disposal of a Disposed Property (i.e. a disposal in respect of which a Substitution Notice has been delivered in accordance with this Agreement) or the whole or part of a Property in relation to which compensation has been received pursuant to a compulsory purchase order, paragraph (b) above shall not apply and that Disposal Amount may be utilised in or towards the acquisition by the Company of a Substitute Additional Property within six months of the receipt into the Disposal Account. The Company may utilise the Disposal Amount for that purpose by requesting that the amount of that Disposal Amount required to enable it to complete the acquisition of the relevant Substitute Additional Property, subject to any restriction in paragraph (d) or (e) below, is withdrawn from the Disposal Account on the relevant completion date. If no Event of Default is then outstanding, the Facility Agent shall comply with that request. If no such request has been made within six months of the receipt into the Disposal Account of the Disposal Amount, that amount shall cease to be available for that purpose and paragraph (b) shall then apply to that Disposal Amount, except that the application of funds shall occur on the Interest Payment Date after the ...
Disposal Account. (i) The Borrower shall ensure that the funds paid into the Disposal Account shall remain Collateral and blocked until they are employed towards:
(A) a Reinvestment;
(B) making a Tender Offer (as defined in the Bond Terms) or
(C) repayment of Bonds using the Call Option (as defined in the Bond Terms);
(ii) In the event of a Total Loss Event or a Piracy Event the Borrower shall as soon as the insurance proceeds are available and in any event no later than 120 days following that Total Loss Event or Piracy Event (as the case may be), transfer such amount to the Disposal Account;
(iii) If a Reinvestment is made by a Restricted US Group Company, Additional Security shall be established over any Vessels, entities or group of entities acquired by such Restricted US Group Company;
(iv) The Security Trustee shall promptly disburse or cause to be disbursed to the Borrower the funds on the Disposal Account upon receipt of a certificate by Borrower specifying the Reinvestments for which such funds will be used;
(v) The Facility Agent agrees that if after a Tender Offer (as defined in the Bond Terms), any remaining funds on the Disposal Account is less than USD 1,000,000, the funds shall upon request from the Borrower to the Security Trustee be released to the Borrower for general corporate purposes;
(vi) For the avoidance of doubt, no consent of the Facility Agent or the Lenders shall be required for the Security Trustee to permit the release of funds from the Disposal Account provided the requirements of this Section 9.2(h) have been satisfied;
