Common use of Note Interest Accrual Account Clause in Contracts

Note Interest Accrual Account. (a) The Company shall, as soon as practicable and in any event prior to December 30, 2016: (i) establish the Note Interest Accrual Account; (ii) effect the pledge of the Note Interest Accrual Account for the benefit of holders of the Notes; and (iii) substantially concurrently with such pledge, cause the delivery of customary opinion of counsel to the Trustee, in relation to such pledges, in form and substance satisfactory to the Trustee. (b) Following the Issue Date, the Company will, on the 30th of each month (or the last day of February), deposit an amount that is not less than one-sixth of the aggregate amount of interest due on the Notes on the next interest payment date into the Note Interest Accrual Account so that at such interest payment date, the amount standing to the credit of the Note Interest Accrual Account is at least equal to the amount of interest due on the Notes on such interest payment date (and such aggregate amount will be applied in making such payment). The Security Agent will have a perfected security interest in the Note Interest Accrual Account and all dividends, instruments, cash and Cash Equivalents and other property, as applicable, on deposit in such account on an exclusive basis for the benefit of the Trustee and the holders of the Notes. The Security Agent will not have a Lien on the Note Interest Accrual Account and the cash and Cash Equivalents on deposit in such account for the benefit of the 2019 Notes Trustee, the holders of the 2019 Notes or the Senior Credit Facilities Finance Parties.

Note Interest Accrual Account. (a) The Company shall, as soon as practicable and in any event prior to December 30, 2016: (i) establish the Note Interest Accrual Account; (ii) effect the pledge of the Note Interest Accrual Account for the benefit of holders of the Notes; and (iii) substantially concurrently with such pledge, cause the delivery of customary opinion of counsel to the Trustee, in relation to such pledges, in form and substance satisfactory to the Trustee. (b) Following the Issue Date, the Company will, on the 30th of each month (or the last day of February), deposit an amount that is not less than one-sixth of the aggregate amount of interest due on the Notes on the next interest payment date into the Note Interest Accrual Account so that at such interest payment date, the amount standing to the credit of the Note Interest Accrual Account is at least equal to the amount of interest due on the Notes on such interest payment date (and such aggregate amount will be applied in making such payment). The Security Agent will have a perfected security interest in the Note Interest Accrual Account and all dividends, instruments, cash and Cash Equivalents and other property, as applicable, on deposit in such account on an exclusive basis for the benefit of the Trustee and the holders of the Notes. The Security Agent will not have a Lien on the Note Interest Accrual Account and the cash and Cash Equivalents on deposit in such account for the benefit of the 2019 2021 Notes Trustee, the holders of the 2019 2021 Notes or the Senior Credit Facilities Finance Parties.