Common use of Mandatory Prepayment Accounts Clause in Contracts

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

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