Common use of Mandatory Prepayment Accounts Clause in Contracts

Mandatory Prepayment Accounts. (a) The Company shall ensure that Insurance Proceeds in respect of which the Company has made an election under paragraph (c) of Clause 14.3 (Application of mandatory prepayments) are paid into a Mandatory Prepayment Account as soon as reasonably practicable after receipt by a member of the Restricted Group. (b) The Company and the Borrower irrevocably authorise the Agent to apply amounts credited to the Mandatory Prepayment Account to pay amounts due and payable under Clause 14.3 (Application of mandatory prepayments) and otherwise under the Finance Documents. (c) A Lender or Agent with which a Mandatory Prepayment Account is held 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 Accounts. (a) The Company Parent shall ensure that (i) Disposal Proceeds and Insurance Proceeds in respect of which the Company has made an election under paragraph (c) of Clause 14.3 11.3 (Application of mandatory prepayments) are paid into a Mandatory Prepayment Account as soon as reasonably practicable possible after receipt by a member of the Restricted Group. (b) The Company and the each Borrower irrevocably authorise the Agent to apply amounts credited to the Mandatory Prepayment Account to pay amounts due and payable under Clause 14.3 11.3 (Application of mandatory prepayments) and otherwise under the Finance Documents. (c) A Lender Lender, Security Agent or Agent with which a Mandatory Prepayment Account or Holding Account is held 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 Accounts. (a) The Company shall ensure that Excess Proceeds and Insurance Proceeds in respect of which the Company has made an election under paragraph (cd) of Clause 14.3 (Application of mandatory prepayments) are paid into a Mandatory Prepayment Account as soon as reasonably practicable after receipt by a member of the Restricted Group. (b) The Company and the each Borrower irrevocably authorise the Agent to apply amounts credited to the Mandatory Prepayment Account to pay amounts due and payable under Clause 14.3 (Application of mandatory prepayments) and otherwise under the Finance Documents. (c) A Lender Lender, Security Trustee or Agent with which a Mandatory Prepayment Account is held 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 Accounts. (a) The Company shall ensure that Insurance Net Fundraising Proceeds or Net Sale Proceeds in respect of which the Company has made an election under paragraph (c) of Clause 14.3 8.6 (Application of mandatory prepaymentsproceeds) are paid into a Mandatory Prepayment Account as soon as reasonably practicable after receipt by a member of the Restricted Group. (b) The Company and the each Borrower irrevocably authorise the Agent to apply amounts credited to the Mandatory Prepayment Account to pay amounts due and payable under Clause 14.3 8.6 (Application of mandatory prepaymentsproceeds) and otherwise under the Finance Documents. (c) A Lender or Agent Finance Party with which a Mandatory Prepayment Account is held 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 Securitycontinuing.