Disposal Proceeds Account definition

Disposal Proceeds Account means the account of the Issuer set up with the Account Bank in respect of the Charged Disposal Proceeds in accordance with the Account Agreement;

Disposal Proceeds Account has the meaning given to it in paragraph 2 of Schedule 9 (Borrower Cash Management) of the CTA.

Disposal Proceeds Account means a bank account in the name of the Issuer held with a reputable bank and pledged to the bondholders as represented by the Agent.

Examples of Disposal Proceeds Account in a sentence

• An amount equal to the net proceeds of any Designated Airport Disposal made after the occurrence of a Trigger Event that have not been applied in prepayments, market purchases or repayments in accordance with paragraph 6(b) (Disposals) of Part 3 (General Covenants) of Schedule 2 (Covenants) must be promptly (and in any event within 2 Business Days of the receipt of such disposal proceeds) deposited into the Disposal Proceeds Account.

• Pursuant to the Account Agreement, the Account Bank shall maintain three accounts for the Issuer in respect of the Bonds: the Transaction Account, the Initial Cash Security Account and the Disposal Proceeds Account.

• ACCOUNT AGREEMENT Accounts The Account Bank maintains three accounts for the Issuer in respect of the Bonds: the Transaction Account, the Initial Cash Security Account and the Disposal Proceeds Account.

• Pursuant to the Account Agreement, interest accrued on the Transaction Account and the Initial Cash Security Account shall be credited to the Transaction Account and interest accrued on the Disposal Proceeds Account shall be credited to the Disposal Proceeds Account.

• In the event that the value of any Charged Property is insufficient to maintain the specified asset cover ratio, the Borrowers may deposit moneys into the Disposal Proceeds Account.

• Disposal Proceeds Account: Pursuant to the Loan Agreements, each Borrower is (or willbe) required to procure that the specified asset cover ratio is maintained (see "Description of the Loan Agreements" below).

• The Net Disposal Proceeds realised upon the disposal, prior to the delivery of a Loan Acceleration Notice, by any Receiver appointed by the Borrower Security Trustee of any of the Borrower Fixed Security assets (including those resulting from a Designated Airport Disposal) shall promptly following the completion of such disposal be credited to the Disposal Proceeds Account.

• The description of the operation of the Partnership Transaction Account, the Partnership VAT Account, the Partnership Disposal Proceeds Account, the Partnership Insurance Proceeds Account and the Partnership Distribution Account (all such accounts, being the "Partnership Accounts") and the General Partner Corporation Tax Reserve Account (as defined below) in this section will only apply prior to the enforcement of the Partnership Level Security.

• Moneys standing to the credit of the Disposal Proceeds Account may be withdrawn: (a) to be applied in the acquisition of Property to be charged in favour of the Security Trustee for the benefit of the Issuer; or (b) to the extent that the specified asset cover ratio would not be breached immediately after such withdrawal.

• Interest Any moneys standing to the credit of the Transaction Account, the Initial Cash Security Account and/or the Disposal Proceeds Account will earn interest at the rate(s) agreed from time to time between the Account Bank and the Issuer.

More Definitions of Disposal Proceeds Account

Disposal Proceeds Account means a blocked interest bearing account (Fin: sulkutilit) of the Issuer and subject to Common Transaction Security in favour of the Security Agent in accordance with the relevant Common Transaction Security Document and in relation to which the Security Agent has the sole signing rights (as the same may be redesignated, substituted or replaced from time to time).

Disposal Proceeds Account means the account known as the "Disposal Proceeds Account" and held in the name of Mitchells & Butlers Retail Limited, and maintained with the Transaction Account Bank pursuant to the Account Bank and Cash Management Agreement.

Disposal Proceeds Account means the account so named in the name of the Borrower opened with the Group Account Bank.

Disposal Proceeds Account means any or all of the DKK Disposal Proceeds Account, the Euro Disposal Proceeds Account, the SKK Disposal Proceeds Account and/or the Sterling Disposal Proceeds Account as the context may require;

Disposal Proceeds Account means the Dollar-denominated account (the account number of which will be advised by the Security Trustee on or before the Drawdown Date, but which may be redesignated from time to time) established by the Borrower with the Security Trustee (or as it may direct) and into which the proceeds of disposals are to be paid pursuant to clause 6.5;

Disposal Proceeds Account means the account with ING Bank NV, Utrecht in the name of the AMB Agent in which a Borrower or the AMB Agent (on behalf of a Borrower or Borrowers) deposits proceeds in accordance with Clause 26.5(c)(ii)(B) or Clause 33.3(d).