Common use of Prepayments during Interest Periods Clause in Contracts

Prepayments during Interest Periods. Where any amount required to be prepaid under Clauses 8.3 (Mandatory Prepayments from Receipts) or 8.4 (Excess Cash Flow) is received by the Facility Agent during an Interest Period, Bidco may by notice to the Facility Agent to be received not less than 5 Business Days (or such shorter period as the Majority Lenders may agree) prior to payment of the relevant amount to the Facility Agent, request such amount to be placed in a Cash Collateral Account in which event such amount shall be paid to the credit of a Cash Collateral Account and shall be applied by the Facility Agent against the relevant Advance or Advances at the expiry of the relevant Interest Period. The interest earned on such account will be applied by the Facility Agent towards the interest due by the relevant Borrower in respect of the relevant Advance at the time the amount is applied in repayment of the relevant Advance.

Prepayments during Interest Periods. Where any amount required to be prepaid under Clauses 8.3 (Mandatory Prepayments from Receipts) or ), 8.4 (Excess Cash Flow) or 8.5 (IPO Proceeds) is received by the Facility Agent during an Interest Period, Bidco the Obligors’ Agent may by notice in writing to the Facility Agent to be received not less than 5 three Business Days (or such shorter period as the Majority Lenders may agree) prior to payment of the relevant amount to the Facility Agent, request such amount to be placed in a Cash Collateral Account in which event such amount shall be paid to the credit of a Cash Collateral Account and shall be thereafter applied by the Facility Agent against the relevant Advance or Advances at the expiry of the relevant Interest Period. The interest earned on such account will be applied by the Facility Agent towards the interest due by the relevant Borrower in respect of the relevant Advance at the time the amount is applied in repayment of the relevant Advance.