Common use of Trapped Amount Clause in Contracts

Trapped Amount. (a) To the extent that any amount of Disposal Proceeds, Insurance Proceeds or Recovery Proceeds and/or the amount of Excess Cashflow constitutes a Trapped Amount, there will be no obligation to make that prepayment or repayment (as the case may be) under Clause 8.2 (Disposal, Insurance and Recovery Proceeds and Excess Cashflow) provided that such Trapped Amount (other than the amount constituted by Excess Cashflow) is, as soon as reasonably practicable, paid into the Onshore Mandatory Prepayment Accounts at or prior to such time as that amount would have been required to be prepaid had it not constituted a Trapped Amount. (b) If, at any time, the circumstances resulting in an amount being a Trapped Amount are removed or no longer subsisting, the amount which was a Trapped Amount will be applied in prepayment of the Facility at the end of the Interest Period ending not less than five Business Days after the date such circumstances are removed or no longer subsisting. For the avoidance of doubt, any such prepayment or prepayment shall constitute a prepayment or repayment made under Clause 8.2 (Disposal, Insurance and Recovery Proceeds and Excess Cashflow) and reduce the obligation to make such prepayment or repayment thereunder pro tanto. (c) So long as there is any Trapped Amount constituted by Excess Cashflow, the Borrower shall confirm in each Compliance Certificate delivered in accordance with Clause 21.2 (Provision and contents of Compliance Certificate) that the aggregate Cash held by the Onshore Group Members is in excess of the sum of (x) that Trapped Amount and (y) U.S.$70,000,000. (d) Paragraphs (a), and (b) above shall be subject always to the obligation of each Obligor to use (or to procure that any member of the Group uses) commercially reasonable endeavours to overcome the circumstances resulting in an amount being a Trapped Amount and/or minimise the costs of a prepayment, including using any Surplus Cash and cash held by the Group (which is not a Trapped Amount).

Trapped Amount. (a) To If the Wholly-Own Time has occurred, to the extent that and for so long as any amount of Disposal Proceeds, Proceeds or Insurance Proceeds or Recovery Proceeds and/or the amount of Excess Cashflow (“Required Prepayment Amount”) constitutes a Trapped Amount, there will be no obligation to make that effect prepayment or repayment (as of the case may be) Loan under Clause 8.2 (Disposal, Insurance and Recovery Proceeds and Excess CashflowProceeds) on account of such Trapped Amount, provided that that: (i) such Trapped Amount (other than the amount constituted by Excess Cashflow) is, as soon as reasonably practicable, paid into the Onshore Mandatory Prepayment Accounts practicable (and in any event at or prior to such time as that amount Required Prepayment Amount would have been required to be prepaid applied towards prepayment of the Loan had it not constituted a Trapped Amount), paid into an Onshore Mandatory Prepayment Account. Such Trapped Amount may not be used other than for application towards prepayment of the Loan; and (ii) the Borrower shall certify in a Compliance Certificate that, and provide reasonable particulars in such Compliance Certificate demonstrating that, such Required Prepayment Amount constitutes a Trapped Amount. (b) If, at any time, the circumstances resulting in an amount any Required Prepayment Amount being a Trapped Amount are removed or no longer subsisting, the Borrower shall ensure that an amount which was a Trapped equal to such Required Prepayment Amount will be applied in towards prepayment of the Facility Loan promptly at the end of the Interest Period relating to the Loan ending not less than five Business Days (or, if an Event of Default is continuing, immediately) after the date such circumstances are removed or no longer subsisting, to the extent that such prepayment has not otherwise been made on account of such Required Prepayment Amount. For the avoidance of doubt, any such prepayment or prepayment pursuant to this paragraph (b) shall constitute a prepayment or repayment of the Loan made under Clause 8.2 (Disposal, Insurance and Recovery Proceeds Proceeds) on account of such Required Prepayment Amount and Excess Cashflow) and reduce satisfy the obligation of the Borrower to make such prepayment or repayment on account of such Required Prepayment Amount thereunder pro tanto. (c) So long as there is If the Wholly-Own Time has occurred, to the extent that any Relevant Obligor, any Holdco Group Member or any Group Member holds any available cash (not constituting New Shareholder Injections, Retained Disposal Proceeds, Retained Insurance Proceeds and Retained Recovery Proceeds) that may be applied towards mandatory prepayment of the Loan in lieu of any Trapped Amount constituted by Excess CashflowAmount, the Borrower each Obligor shall confirm in each Compliance Certificate delivered in accordance with Clause 21.2 (Provision and contents of Compliance Certificate) procure that the aggregate Cash held by the Onshore Group Members is in excess such cash shall be applied towards mandatory prepayment of the sum Loan in lieu of (x) that such Trapped Amount (and to the extent of such mandatory prepayment, such Trapped Amount shall be released from the requirement under paragraph (ya)(i) U.S.$70,000,000above). (d) Paragraphs (a), ) and (b) above shall be subject always to the obligation of each Obligor to use (or and to procure that any member each of the Relevant Obligors, the Holdco Group Members and Group Members uses) commercially all reasonable endeavours to overcome the circumstances any restrictions and limitations resulting in an amount any Required Prepayment Amount being a Trapped Amount and/or minimise the any costs of a prepayment, including using effecting prepayment of the Loan on account of any Surplus Cash and cash held by the Group (which is not a Trapped Required Prepayment Amount).

Trapped Amount. (a) To the extent that and for so long as any amount of Disposal Proceeds, Proceeds or Insurance Proceeds or Recovery Proceeds and/or the amount of Excess Cashflow (“Required Prepayment Amount”) constitutes a Trapped Amount, there will be no obligation to make that effect prepayment or repayment (as of the case may be) Loan under Clause 8.2 (Disposal, Insurance and Recovery Proceeds and Excess CashflowProceeds) on account of such Trapped Amount, provided that that: (i) such Trapped Amount (other than the amount constituted by Excess Cashflow) is, as soon as reasonably practicable, paid into the Onshore Mandatory Prepayment Accounts practicable (and in any event at or prior to such time as that amount Required Prepayment Amount would have been required to be prepaid applied towards prepayment of the Loan had it not constituted a Trapped Amount), paid into an Onshore Mandatory Prepayment Account. Such Trapped Amount may not be used other than for application towards prepayment of the Loan; and (ii) the Borrower shall certify in a Compliance Certificate that, and provide reasonable particulars in such Compliance Certificate demonstrating that, such Required Prepayment Amount constitutes a Trapped Amount. (b) If, at any time, the circumstances resulting in an amount any Required Prepayment Amount being a Trapped Amount are removed or no longer subsisting, the Borrower shall ensure that an amount which was a Trapped equal to such Required Prepayment Amount will be applied in towards prepayment of the Facility Loan promptly at the end of the Interest Period relating to the Loan ending not less than five Business Days (or, if an Event of Default is continuing, immediately) after the date such circumstances are removed or no longer subsisting, to the extent that such prepayment has not otherwise been made on account of such Required Prepayment Amount. For the avoidance of doubt, any such prepayment or prepayment pursuant to this paragraph (b) shall constitute a prepayment or repayment of the Loan made under Clause 8.2 (Disposal, Insurance and Recovery Proceeds Proceeds) on account of such Required Prepayment Amount and Excess Cashflow) and reduce satisfy the obligation of the Borrower to make such prepayment or repayment on account of such Required Prepayment Amount thereunder pro tanto. (c) So long as there is To the extent that any Group Member holds any available cash (not constituting New Shareholder Injections, Retained Disposal Proceeds, Retained Insurance Proceeds and Retained Recovery Proceeds) that may be applied towards mandatory prepayment of the Loan in lieu of any Trapped Amount constituted by Excess CashflowAmount, the Borrower each Obligor shall confirm in each Compliance Certificate delivered in accordance with Clause 21.2 (Provision and contents of Compliance Certificate) procure that the aggregate Cash held by the Onshore Group Members is in excess such cash shall be applied towards mandatory prepayment of the sum Loan in lieu of (x) that such Trapped Amount (and to the extent of such mandatory prepayment, such Trapped Amount shall be released from the requirement under paragraph (ya)(i) U.S.$70,000,000above). (d) Paragraphs (a), ) and (b) above shall be subject always to the obligation of each Obligor to use (or and to procure that any member of the each Group Member uses) commercially all reasonable endeavours to overcome the circumstances any restrictions and limitations resulting in an amount any Required Prepayment Amount being a Trapped Amount and/or minimise the any costs of a prepayment, including using effecting prepayment of the Loan on account of any Surplus Cash and cash held by the Group (which is not a Trapped Required Prepayment Amount).