Common use of RELEVANT RECEIPTS Clause in Contracts

RELEVANT RECEIPTS. 8.5.1 The Borrowers shall following the receipt by any member of the Ringfenced Group of any amount (each such receipt being a "RELEVANT RECEIPT") in respect of claims under the Merger Agreement or in respect of Reports apply (without premium or penalty, but without prejudice to Clause 11.4) such amount in prepayment of such of the Series 1 Term Facilities (or if all such Facilities are repaid in full, Series 2 Term Facilities) as the Agent may direct on the next Interest Payment Date unless such amount is utilised: (a) to the extent the Relevant Receipt relates to a liability of, or a charge or claim upon, a member of the Group, in the discharge of that liability, charge or claim (or in reimbursement of monies disturbed in connection with such liability, charge or claim) provided that such monies shall be properly applied in such manner within three months of receipt by the relevant member of the Group; or (b) to the extent the Relevant Receipt relates to an asset reasonably required in the conduct of the Group's business or to compensate for any current asset which is missing or reduced in value, in the acquisition of that asset or in compensation for the loss represented by that missing current asset or reduction in value provided that such monies shall be properly applied in such manner within six months of receipt by the relevant member of the Group. 8.5.2 Where the Agent has served a notice under Clause 23, the Borrowers shall, following the receipt of any amounts in respect of insurance claims or any Relevant Receipt apply (without premium or penalty, but without prejudice to Clause 11.4) such amount in prepayment of such of the Series 1 Term Facilities (or if all such Facilities are repaid in full, Series 2 Term Facilities) as the Agent may direct. 8.5.3 Pending every such prepayment as is referred to above, or any permitted utilisation of Relevant Receipts as is referred to above, the Parent shall on the date of the Relevant Receipt procure that an amount, or amounts in aggregate, equal to the Relevant Receipt is placed in a Security Account with the Security Trustee.

RELEVANT RECEIPTS. 8.5.1 The Borrowers shall following the receipt by any member of the Ringfenced Group of any amount (each such receipt being a "RELEVANT RECEIPT") in respect of claims under the Merger Agreement or in respect of Reports apply (without premium or penalty, but without prejudice to Clause 11.4) such amount in prepayment of such of the Series 1 Term Facilities (or if all such Facilities are repaid in full, Series 2 Term Facilities) as the Agent may direct on the next Interest Payment Date unless such amount is utilised: (a) to the extent the Relevant Receipt relates to a liability of, or a charge or claim upon, a member of the Group, in the discharge of that liability, charge or claim (or in reimbursement of monies disturbed in connection with such liability, charge or claim) provided that such monies shall be properly applied in such manner within three months of receipt by the relevant member of the Group; or or 42 50 (b) to the extent the Relevant Receipt relates to an asset reasonably required in the conduct of the Group's business or to compensate for any current asset which is missing or reduced in value, in the acquisition of that asset or in compensation for the loss represented by that missing current asset or reduction in value provided that such monies shall be properly applied in such manner within six months of receipt by the relevant member of the Group. 8.5.2 Where the Agent has served a notice under Clause 23, the Borrowers shall, following the receipt of any amounts in respect of insurance claims or any Relevant Receipt apply (without premium or penalty, but without prejudice to Clause 11.4) such amount in prepayment of such of the Series 1 Term Facilities (or if all such Facilities are repaid in full, Series 2 Term Facilities) as the Agent may direct. 8.5.3 Pending every such prepayment as is referred to above, or any permitted utilisation of Relevant Receipts as is referred to above, the Parent shall on the date of the Relevant Receipt procure that an amount, or amounts in aggregate, equal to the Relevant Receipt is placed in a Security Account with the Security Trustee.