Mandatory Prepayment Account. (a) The Borrower shall ensure that:
(i) Launch Insurance Proceeds are paid directly by the relevant insurer to the Security Agent or into the Mandatory Prepayment Account; and
(ii) Insurance Proceeds (other than Launch Insurance Proceeds), Capital Raising Proceeds and Expropriation Proceeds in respect of which the Borrower has made an election under paragraph (c) of Clause 8.4 (Application of mandatory prepayments) are paid into the Mandatory Prepayment Account as soon as reasonably practicable after receipt by a member of the NEXT Group. The Borrower irrevocably authorises the COFACE Agent to apply amounts credited to the Mandatory Prepayment Account to pay amounts due and payable under Clause 8.4 (Application of mandatory prepayments) and otherwise under the Finance Documents. The Borrower further irrevocably authorises the COFACE Agent to apply any amounts credited to the Mandatory Prepayment Account in respect of Launch Insurance Proceeds (other than Excess Launch Insurance Proceeds and Relevant Launch Insurance Proceeds) in or towards payments under the Re-Launch Contracts or in respect of the purchase of new Launch Insurance as and when such payments fall due.
(b) A Lender, Security Agent or COFACE Agent with which a Mandatory Prepayment Account is held acknowledges and agrees that such account is subject to the Transaction Security.
Mandatory Prepayment Account. (a) The Agent has sole signing rights in relation to the Mandatory Prepayment Account.
(b) The Borrower must ensure that all Net Disposal Proceeds (and, if applicable, any Disposal Proceeds Shortfall Amount) are paid directly into the relevant Mandatory Prepayment Account in accordance with Clause 23.5 (Disposals).
(c) The Obligors must ensure that the following are promptly upon receipt paid into the Mandatory Prepayment Account:
(i) all Lease Prepayment Proceeds;
(ii) all Insurance Prepayment Proceeds;
(iii) all Compensation Prepayment Proceeds; and
(iv) all Recovery Prepayment Proceeds.
(d) Except as provided in Clause 33.6 (Partial payments) and paragraph (e) below, on each Interest Payment Date, or earlier at the request of the Borrower if it gives the Agent not less than five Business Days’ notice, the Agent must withdraw from, and apply amounts standing to the credit of, the Mandatory Prepayment Account in accordance with Clause 8.3 (Mandatory prepayment).
(e) The Agent is obliged to make a withdrawal from the Mandatory Prepayment Account in accordance with paragraph (d) above only if:
(i) with respect to any withdrawal from the Mandatory Prepayment Account to be applied in accordance with paragraphs (a)(i) or (b) of Clause 8.4 (Application of mandatory prepayments), not notice has been given under 25.20 (Acceleration); or
(ii) with respect to any withdrawal from the Mandatory Prepayment Account to be applied in accordance with paragraph (a)(ii) of Clause 8.4 (Application of mandatory prepayments), no Event of Default is continuing.
Mandatory Prepayment Account. The Lender shall open and prior to the Make-Whole Termination Date maintain the Mandatory Prepayment Account. Unless the Mandatory Prepayment Account is held at the Senior Trustee, the Mandatory Prepayment Account shall be subject to the Mandatory Prepayment Account Control Agreement.
Mandatory Prepayment Account. The Borrower may elect to deposit any proceeds which are to be applied in prepayment of the Loan in accordance with this Clause 8, prior to such prepayment (and unless such proceeds are required to be transferred to the Lender to be applied directly against the Loan), in the Mandatory Prepayment Account pending such application until the end of an Interest Period.
Mandatory Prepayment Account. The Mandatory Prepayment Account shall be funded as follows:
Mandatory Prepayment Account. A Lender or the Agent with which a Mandatory Prepayment Account is held acknowledges and agrees that interest shall accrue at normal commercial rates on amounts credited to those accounts and that the account holder shall be entitled to receive such interest (which shall be paid in accordance with mandates relating to such account).
Mandatory Prepayment Account. On or prior to the Account Establishment Date, the Borrower shall open and establish the Mandatory Prepayment Account at the Depositary Bank. Following the opening and establishment of the Mandatory Prepayment Account, the Borrower shall at all times thereafter maintain the Mandatory Prepayment Account and cause the Mandatory Prepayment Account to be subject to a Blocked Account Control Agreement. With respect to the Mandatory Prepayment Account:
(i) amounts shall from time to time be deposited in the Mandatory Prepayment Account in accordance with Section 2.05(b)(i), 2.05(b)(ii) and 2.05(b)(iii);
(ii) neither the Borrower nor any other Borrower Group Company shall have any right to withdraw any amounts from the Mandatory Prepayment Account or to direct the Depositary Bank to release or distribute any amounts contained in the Mandatory Prepayment Account;
(iii) in the event that an Event of Loss Prepayment Offer, Disposition Proceeds Prepayment Offer or Debt Payment Offer is consummated pursuant to Section 2.05(b)(i), 2.05(b)(ii) or 2.05(b)(iii), as applicable, with respect to any amounts then held in the Mandatory Prepayment Account, then, on or prior to the tenth (10th) Business Day following the date of such Event of Loss Prepayment Offer, Disposition Proceeds Prepayment Offer or Debt Payment Offer, the Administrative Agent shall instruct the Depositary Bank to (x) release and distribute funds from the Mandatory Prepayment Account in an amount equal to the aggregate amount payable to the Lenders that shall have accepted the applicable prepayment offer in accordance with Section 2.05(c)(iii) to the applicable Lenders accepting such offer and (y) release and distribute the remaining portion of the applicable funds in the Mandatory Prepayment Account (after giving effect to the payment of the amounts under clause (x)) to a Business Unit Account specified by the Borrower;
(iv) in the case of amounts deposited in the Mandatory Prepayment Account in connection with an Event of Loss pursuant to Section 2.05(b)(i), to the extent that the Borrower is then permitted to apply such amounts to the Restoration of the related Affected Property in accordance with Section 2.05(b)(i), the Administrative Agent shall instruct the Depositary Bank to release and distribute funds from the Mandatory Prepayment Account in such amounts, at such times, and to such third party payees as provided in any restoration plan approved by the Administrative Agent pursuant to Section 2.05(...
Mandatory Prepayment Account. On or prior to the Account Establishment Date, the Borrower shall open and establish the Mandatory Prepayment Account at the Depositary Bank. Following the opening and establishment of the Mandatory Prepayment Account, the Borrower shall at all times thereafter maintain the Mandatory Prepayment Account and cause the Mandatory Prepayment Account to be subject to a Blocked Account Control Agreement. With respect to the Mandatory Prepayment Account:
(i) amounts shall from time to time be deposited in the Mandatory Prepayment Account in accordance with Section 2.05(b)(i), 2.05(b)(ii) and 2.05(b)(iii);
(ii) neither the Borrower nor any other Borrower Group Company shall have any right to withdraw any amounts from the Mandatory Prepayment Account or to direct the Depositary Bank to release or distribute any amounts contained in the Mandatory Prepayment Account; provided, that, in the event that the Borrower shall desire to make a Permitted Release of all or any portion of the amounts then held in the Mandatory Prepayment Account, the Borrower shall provide written notice thereof to the Administrative Agent, and, upon receipt of such notice, the Administrative Agent shall instruct the Depositary Bank to withdraw funds from the Mandatory Prepayment Account in an amount equal to the Permitted Release so requested by the Borrower and transfer such funds to a Business Unit Account specified by the Borrower;
(iii) in the event that an Event of Loss Prepayment Offer, Disposition Proceeds Prepayment Offer or Debt Payment Offer is consummated pursuant to Section 2.05(b)(i), 2.05(b)(ii) or 2.05(b)(iii), as applicable, with respect to any amounts then held in the Mandatory Prepayment Account, then, on or prior to the tenth (10th) Business Day following the date of such Event of Loss Prepayment Offer, Disposition Proceeds Prepayment Offer or Debt Payment Offer, the Administrative Agent shall instruct the Depositary Bank to (x) release and distribute funds from the Mandatory Prepayment Account in an amount equal to the aggregate amount payable to the Lenders that shall have accepted the applicable prepayment offer in accordance with Section 2.05(c)(iii) to the applicable Lenders accepting such offer and (y) release and distribute the remaining portion of the applicable funds in the Mandatory Prepayment Account (after giving effect to the payment of the amounts under clause (x)) to a Business Unit Account specified by the Borrower;
(iv) in the case of amounts deposited in the...
Mandatory Prepayment Account. (a) The Borrower irrevocably authorises the Agent to apply:
(i) the amounts credited to the Mandatory Prepayment Account under paragraph (b)(ii) of Clause 8.4 (Mandatory Prepayment – Distributions) and paragraph (b) of Clause 8.6 (Mandatory Prepayment – Permitted XXX.XXXX Sale and Permitted Euronav Sale) to pay any interest, duration fee or ticking fees due under this Agreement at their respective due date until and including the date falling 1 Month after the Bid Closing Date, and any surplus remaining on the date falling 1 Month after the Bid Closing Date will be applied to make the mandatory prepayments as referred to in paragraph (a) of Clause 8.4 (Mandatory Prepayment – Distributions) and paragraph (a) of Clause 8.6 (Mandatory Prepayment – Permitted XXX.XXXX Sale and Permitted Euronav Sale) on the date falling 1 Month after the Bid Closing Date; and
(ii) the amounts credited to the Mandatory Prepayment Account under paragraph (c) of Clause 8.4 (Mandatory Prepayment – Distributions) to make the mandatory prepayments as referred to in paragraph (a) of Clause 8.4 (Mandatory Prepayment – Distributions) on the Bid Closing Date immediately after the first utilisation under the Bid Acquisition Bridge Facility.
(b) The Agent acknowledges and agrees that (i) interest shall accrue at normal commercial rates on amounts credited to those accounts and that the account holder shall be entitled to receive such interest (which shall be paid in accordance with the mandate relating to such account) unless a Default is continuing and (ii) each such account is subject to the Transaction Security.
Mandatory Prepayment Account. In accordance with Section 5.06(c) of the CASA, the Borrower requests that $[ ] be withdrawn from the Mandatory Prepayment Account and transferred to the [insert name of applicable sub-account] of the Mandatory Prepayment Account for prepayment and redemption of the applicable Secured Obligation, as set forth in greater detail in Part G of the attached Schedule I.
