Common use of Mandatory Prepayment Account Clause in Contracts

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. (a) The Borrower irrevocably authorises the Agent has sole signing rights in relation to apply: (i) the amounts credited to the Mandatory Prepayment AccountAccount under paragraph (b)(ii) of Clause 9.4 (Mandatory Prepayment – Distributions) and paragraph (b) of Clause 9.6 (Mandatory Prepayment – Permitted CMB.TECH Sale and Permitted Euronav Sale) to pay any interest, duration fee, ticking fees or extension fees due under this Agreement at their respective due date, and any surplus will be applied to make the mandatory prepayments as referred to in paragraph (a) of Clause 9.4 (Mandatory Prepayment – Distributions) and paragraph (a) of Clause 9.6 (Mandatory Prepayment – Permitted CMB.TECH Sale and Permitted Euronav Sale) on the Termination Date; and (ii) the amounts credited to the Mandatory Prepayment Account under paragraph (c) of Clause 9.4 (Mandatory Prepayment – Distributions) to make the mandatory prepayments as referred to in paragraph (a) of Clause 9.4 (Mandatory Prepayment – Distributions) on the Bid Closing Date immediately after the first utilisation under the Bid Acquisition Bridge Facility. (b) The Borrower must ensure Agent acknowledges and agrees that all Net Disposal Proceeds (and, if applicable, any Disposal Proceeds Shortfall Amounti) are 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 directly into the relevant Mandatory Prepayment Account in accordance with Clause 23.5 (Disposals). (cthe mandate relating to such account) The Obligors must ensure that the following are promptly upon receipt paid into the Mandatory Prepayment Account: (i) all Lease Prepayment Proceeds; unless a Default is continuing and (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 such account is subject to the credit of, the Mandatory Prepayment Account in accordance with Clause 8.3 (Mandatory prepayment)Transaction Security. (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. (a) The Borrower irrevocably authorises the Agent has sole signing rights in relation to apply: (i) the amounts credited to the Mandatory Prepayment AccountAccount under paragraph (b)(ii) of Clause 9.4 (Mandatory Prepayment – Distributions) and paragraph (b) of Clause 9.6 (Mandatory Prepayment – Permitted XXX.XXXX Sale and Permitted Euronav Sale) to pay any interest, duration fee, ticking fees or extension fees due under this Agreement at their respective due date, and any surplus will be applied to make the mandatory prepayments as referred to in paragraph (a) of Clause 9.4 (Mandatory Prepayment – Distributions) and paragraph (a) of Clause 9.6 (Mandatory Prepayment – Permitted XXX.XXXX Sale and Permitted Euronav Sale) on the Termination Date; and (ii) the amounts credited to the Mandatory Prepayment Account under paragraph (c) of Clause 9.4 (Mandatory Prepayment – Distributions) to make the mandatory prepayments as referred to in paragraph (a) of Clause 9.4 (Mandatory Prepayment – Distributions) on the Bid Closing Date immediately after the first utilisation under the Bid Acquisition Bridge Facility. (b) The Borrower must ensure Agent acknowledges and agrees that all Net Disposal Proceeds (and, if applicable, any Disposal Proceeds Shortfall Amounti) are 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 directly into the relevant Mandatory Prepayment Account in accordance with Clause 23.5 (Disposals). (cthe mandate relating to such account) The Obligors must ensure that the following are promptly upon receipt paid into the Mandatory Prepayment Account: (i) all Lease Prepayment Proceeds; unless a Default is continuing and (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 such account is subject to the credit of, the Mandatory Prepayment Account in accordance with Clause 8.3 (Mandatory prepayment)Transaction Security. (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.