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.
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.
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.