Except as provided in Clause () and paragraph , at the request of the Borrower if: it gives the Security Agent not less than [ ] Business Days' notice; and (except to the extent that any part of the withdrawal is to fund amounts payable to the Finance Parties the Finance Documents) that request is accompanied by the evidence referred to in paragraph of Clause (), the Security must withdraw from, and apply amounts standing to the credit of the VAT Account, either in payment to the Borrower for the payment of costs and expenses referred to in the Budgeted Costs or in payment to the Development Party to whom those costs and expenses are due. The Security Agent is obliged to make a withdrawal from the VAT Account in accordance with paragraph only if: no Default is outstanding; and the Repeating Representations are correct and will be correct immediately after the withdrawal.] General Account Except as provided in paragraph , the Borrower has signing rights in relation to the General Account. The Borrower must ensure that all Tenant Contributions [,unless held in a account in the name of the Managing Agent,] are paid into the General Account. The Borrower must ensure that any other amount received or receivable by it, other than any amount specifically required under this Agreement to be paid into any other Account, is paid into the General Account. Except as provided in paragraph and subject to: any restriction in any Subordination Agreement; and the requirement that amounts paid into the General Account for a particular purpose must be used for that purpose, the Borrower may withdraw any amount from the General Account for any purpose. At any time when a Default is continuing or the Repeating Representations are not correct, the Security Agent may: operate the General Account;
Except as provided in Clause () and paragraph , at the request of the Borrower if: it gives the Security Agent not less than [ ] Business Days' notice; and (except to the extent that any part of the withdrawal is to fund amounts payable to the Finance Parties the Finance Documents) that request is accompanied by the evidence referred to in paragraph of Clause (), the Security must withdraw from, and apply amounts standing to the credit of the VAT Account, either in payment to the Borrower for the payment of costs and expenses referred to in the Budgeted Costs or in payment to the Development Party to whom those costs and expenses are due. The Security Agent is obliged to make a withdrawal from the VAT Account in accordance with paragraph only if: no Default is outstanding; and the Repeating Representations are correct and will be correct immediately after the withdrawal.] General Account Except as provided in paragraph , the Borrower has signing rights in relation to the General Account. The Borrower must ensure that all Tenant Contributions [,unless held in a account in the name of the Managing Agent,] are paid into the General Account. The Borrower must ensure that any other amount received or receivable by it, other than any amount specifically required under this Agreement to be paid into any other Account, is paid into the General Account. Except as provided in paragraph and subject to: any restriction in any Subordination Agreement; and the requirement that amounts paid into the General Account for a particular purpose must be used for that purpose, the Borrower may withdraw any amount from the General Account for any purpose. At any time when a Default is continuing or the Repeating Representations are not correct, the Security Agent may: operate the General Account;
Single_Currency_Term_Facility_Agreement_for_REF_Single_Property_Development_Transactions_18.11.16.docx