Common use of Sales Proceeds Accounts Clause in Contracts

Sales Proceeds Accounts. 11.5.1 The Borrower shall ensure that any Disposal Proceeds payable to ▇▇▇▇▇▇ or PropCo shall, immediately following receipt of those Disposal Proceeds by ▇▇▇▇▇▇ or PropCo be credited to the PropCo Sales Proceeds Account. 11.5.2 Immediately following receipt of any Disposal Proceeds into the PropCo Sales Proceeds Account the Security Trustee shall (and is irrevocably authorised by the Borrower to) instruct the Account Bank to withdraw the balance of all monies standing to the credit of the PropCo Sales Proceeds Account and pay: 11.5.2.1 an amount equal to 75.2601 per cent. of the balance into the Seller 2 Sales Proceeds Account; and 11.5.2.2 an amount equal to 24.7399 per cent. of the balance into the Borrower Sales Proceeds Account.

Sales Proceeds Accounts. 11.5.1 The Borrower shall ensure that any Disposal Proceeds payable to ▇▇▇▇▇▇ or PropCo shall, immediately following receipt of those Disposal Proceeds by ▇▇▇▇▇▇ or PropCo be credited to the PropCo Sales Proceeds Account. 11.5.2 Immediately following receipt of any Disposal Proceeds into the PropCo Sales Proceeds Account the Security Trustee shall (and is irrevocably authorised by the Borrower to) instruct the Account Bank to withdraw the balance of all monies standing to the credit of the PropCo Sales Proceeds Account and pay: 11.5.2.1 an An amount equal to 75.2601 per cent. of the balance into the Seller 2 Sales Proceeds Account; and 11.5.2.2 an amount equal to 24.7399 per cent. of the balance into the Borrower Sales Proceeds Account.