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PREPAYMENT ESCROW ACCOUNT definition

PREPAYMENT ESCROW ACCOUNT means an account, bearing interest at a commercially reasonable rate in relation to the given circumstances, held with the Agent (or such other financial institution reasonably acceptable to the Agent) in the name of the Borrower, over which the Borrower has granted or will grant security in favour of the Security Trustee and into which sums are deposited in accordance with Clause 9 (Mandatory Prepayment).
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PREPAYMENT ESCROW ACCOUNT means the interest bearing account opened and maintained with the Security Trustee in the name of the Borrower into which any amount comprising Mandatory Prepayments are paid in accordance with Clause 7.5 (Mandatory Prepayments) including any sub-accounts thereof.
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PREPAYMENT ESCROW ACCOUNT means the US$ denominated interest bearing account of the Chargor with the Deposit Bank designated "ASIA NETCOM CORPORATION LIMITED - PREPAYMENT ESCROW" including any sub accounts thereof and all sums now or hereafter deposited in any such accounts and all additions to or renewals or replacements thereof (in whatever currency) and all interest or other sums which may accrue from time to time thereon.
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Examples of PREPAYMENT ESCROW ACCOUNT in a sentence

  • The Borrower shall ensure that to the extent that any Insurance Proceeds to be applied in accordance with sub-clause 9.3.2 of Clause 9.3 (Mandatory Prepayment from Insurance Proceeds) are not deposited in the prepayment escrow account established under the Senior Bank Credit Agreement such Insurance Proceeds are deposited in the Prepayment Escrow Account.

  • Upon any member of the Borrower Group raising any Indebtedness from time to time which is not Permitted Indebtedness ("NEW INDEBTEDNESS PROCEEDS"), the Borrower shall or shall procure that simultaneously therewith an amount equal to the amount of such New Indebtedness Proceeds is immediately paid into the Prepayment Escrow Account for the purpose of making a Mandatory Prepayment in accordance with Clause 7.5B.

  • Following any such election and provided the required payment is made to such Prepayment Escrow Account the obligation to prepay the relevant Loan will not arise until the first occurring end of an Interest Period relative to such Loan to be repaid.

  • The Administrative Agent shall apply any funds on deposit in the Prepayment Escrow Account solely to prepay the Eurodollar Rate Borrowing with respect to which such deposit was made, and to pay accrued interest thereon, on the last day of such Interest Period or, at the discretion of the Administrative Agent, on an earlier date if a Default or an Event of Default shall have occurred and be continuing.

  • Funds on deposit in the Debt Service Prepayment Escrow Account may be withdrawn only as provided in Section 6.13 and Section 8(q).


More Definitions of PREPAYMENT ESCROW ACCOUNT

PREPAYMENT ESCROW ACCOUNT has the meaning specified in Section 2.05(f).
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PREPAYMENT ESCROW ACCOUNT means an account established by the Company with the Administrative Agent and over which the Administrative Agent shall have exclusive dominion and control, including the exclusive right to withdraw funds. Other than any interest earned on the investment of the funds on deposit in the Prepayment Escrow Account, which investment shall be made at the option and sole discretion of the Administrative Agent and at the Company’s risk and expense, such funds shall not bear interest. Any funds remaining in the Prepayment Escrow Account after the application of funds on deposit therein in accordance with the foregoing provisions of this paragraph shall be paid by the Administrative Agent to the Company.
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PREPAYMENT ESCROW ACCOUNT means an account established by the applicable Borrower with the Applicable Agent and over which the Applicable Agent shall have sole and exclusive dominion and control, including the right of withdrawal of funds for application in accordance with this paragraph. Other than any interest earned on the investment of the funds on deposit in the Prepayment Escrow account, which investment shall be made at the option and sole discretion of the Applicable Agent and at the applicable Borrower's risk and expense (and shall not relieve the applicable Borrower of the obligation to make any such prepayment in full), such funds shall not bear interest. Any funds remaining in the Prepayment Escrow Account upon the application of funds on deposit therein in accordance with the foregoing provisions of this paragraph shall be distributed by the Applicable Agent to the applicable Borrower.
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PREPAYMENT ESCROW ACCOUNT means an account established by the Borrower with the Administrative Agent and over which the Administrative Agent shall have exclusive dominion and control, including the exclusive right to withdraw funds. Other than any interest earned on the investment of the funds on deposit in the Prepayment Escrow Account, which investment shall be made at the option of the Borrower solely in Cash Equivalents and at the Borrower’s risk and expense, such funds shall not bear interest. Any funds remaining in the Prepayment Escrow Account after the application of funds on deposit therein in accordance with the foregoing provisions of this Section 2.13(g) shall be paid by the Administrative Agent to the Borrower.
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PREPAYMENT ESCROW ACCOUNT means an interest bearing account held with the Agent (or such other financial institution reasonably acceptable to the Agent) in the name of any Obligor (and identified as a Prepayment Escrow Account), over which such Obligor has granted Security in favour of the Security Trustee or all of the Finance Parties and into which sums are deposited in accordance with Clause 9 (Prepayment and Cancellation) and may not be withdrawn by any member of the Group other than as provided by Clause 9 (Prepayment and Cancellation).
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PREPAYMENT ESCROW ACCOUNT means an account, bearing interest at a commercially reasonable rate in relation to the given circumstances, held with the Agent (or such other financial institution reasonably acceptable to the Agent) in the name of the Parent over which the Parent has granted first ranking security in favour of the Security Trustee and into which sums are deposited in accordance with Clause 13 (Mandatory Prepayment).
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PREPAYMENT ESCROW ACCOUNT has the meaning assigned to such term in Section 2.11(g).
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