Common use of Adequate Instruction; Sufficiency of Funds Clause in Contracts

Adequate Instruction; Sufficiency of Funds. 2.4.1 In the event that Depositary receives any monies in respect of the Company without adequate instruction as to the Account into which such monies are to be deposited, Depositary shall immediately deposit such monies into the Construction Escrow Account and, after notice from Collateral Agent that the Final Completion Date has occurred, into the Revenue Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately thereafter notify the Company and Collateral Agent of the receipt of such monies. At any time that Depositary subsequently receives instructions from the Company and Collateral Agent jointly (unless an Event of Default exists, in which case instructions only from Collateral Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary shall transfer such monies, within one Business Day of receiving such notice, from the Construction Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company and/or Collateral Agent specified in such subsequent instructions. 2.4.2 To the extent that there are insufficient funds in the relevant Account to make a transfer or withdrawal directed by an Account Withdrawal Instruction, Depositary shall (i) immediately notify the Company and Collateral Agent of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint instructions from Collateral Agent and the Company, make such withdrawal or transfer to the extent of such funds.

Appears in 3 contracts

Samples: Depositary Agreement (Bloom Energy Corp), Depositary Agreement (Bloom Energy Corp), Depositary Agreement (Bloom Energy Corp)

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Adequate Instruction; Sufficiency of Funds. 2.4.1 (a) In the event that Depositary Agent receives any monies in respect of the Company Borrower without adequate instruction as to the Account into which such monies are to be deposited, Depositary Agent shall immediately deposit such monies (i) until the Commercial Operation Date, into the Construction Escrow Account andAccount, and (ii) after notice from Collateral Agent that the Final Completion Date has occurredCommercial Operation Date, into the Revenue Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately thereafter notify the Company Borrower and Collateral Agent Lender of the receipt of such monies. At any time that Depositary Agent subsequently receives written instructions from the Company Borrower and Collateral Agent Lender jointly (unless an Event of Default existsexists and Lender has notified Depositary Agent that it intends to invest funds in the Accounts in [money market fund] pursuant to Section 2.2.1), in which case instructions only from Collateral Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary Agent shall transfer such monies, within one Business Day of receiving such notice, from the Construction Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company and/or Collateral Agent Borrower and Lender specified in such subsequent instructions. 2.4.2 (b) To the extent that there are insufficient funds in the relevant Account to make a transfer or withdrawal directed by an Account Withdrawal Instruction, Depositary Agent shall (i) immediately notify the Company Borrower and Collateral Agent Lender of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint instructions from Collateral Agent Lender and the CompanyBorrower, make such withdrawal or transfer to the extent of such the available funds.

Appears in 2 contracts

Samples: Credit Agreement (Fulcrum Bioenergy Inc), Credit Agreement (Fulcrum Bioenergy Inc)

Adequate Instruction; Sufficiency of Funds. 2.4.1 (a) In the event that Depositary receives any monies in respect of the Company Borrower or any Affiliate thereof without adequate instruction as to the Account into which such monies are to be deposited, Depositary shall immediately deposit such monies into the Construction Escrow Account and, after notice from Collateral Agent and Administrative Agent that the Final Completion Date Availability Period has occurredended, into the Revenue Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately thereafter notify the Company Borrower and Collateral Administrative Agent of the receipt of such monies. At any time that Depositary subsequently receives instructions from the Company Borrower and Collateral Administrative Agent jointly (unless an Event of Default exists, in which case instructions only from Collateral Administrative Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary shall transfer such monies, within one Business Day of receiving such notice, from the Construction Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company Borrower and/or Collateral Administrative Agent specified in specifiedin such subsequent instructions. 2.4.2 (b) To the extent that there are insufficient funds in the relevant Account to make a transfer or withdrawal directed by an Account Withdrawal Instruction, Depositary shall (i) immediately notify the Company Borrower and Collateral Administrative Agent of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint instructions from Collateral Administrative Agent and the CompanyBorrower, make such withdrawal or transfer to the extent of such funds.

Appears in 1 contract

Samples: Depositary Agreement (Bloom Energy Corp)

Adequate Instruction; Sufficiency of Funds. 2.4.1 In (a) Subject to the last sentence of Section 7.1, in the event that Depositary receives any monies in respect of the Company any Noble Entity or any Project without adequate instruction as to the Account into which such monies are to be deposited, Depositary shall immediately promptly deposit such monies into (i) prior to the Term-Conversion Date, the Construction Escrow Account and(for purposes of this sentence, after the Term-Conversion Date shall be deemed to have occurred at such time as the Administrative Agent so notifies Depositary, which notice from Collateral Administrative Agent that shall promptly deliver upon satisfaction or waiver of the Final Completion Date has occurredconditions to Term-Conversion in accordance with the Financing Agreement) and (ii) thereafter, into the Revenue Operating Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately promptly thereafter notify the Company Borrower and Collateral Agent of the receipt of such monies. At any time that Depositary subsequently receives instructions from the Company and Collateral Agent jointly (unless an Event of Default exists, in which case instructions only from Collateral Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary shall transfer such monies, within one Business Day of receiving such notice, from the Construction Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company and/or Collateral Agent specified in such subsequent instructions. 2.4.2 (b) To the extent that there are insufficient funds in the relevant Account to make a payment, transfer or withdrawal directed by an Account Withdrawal Instructionrequested from such Account, Depositary shall (i) immediately promptly notify the Company and Collateral Agent and Borrower of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint written instructions from Collateral Agent (or Borrower, so long as no Event of Default has occurred and the Companyis continuing), make such payment, transfer or written withdrawal or transfer to the extent of such funds.

Appears in 1 contract

Samples: Depositary Agreement (Noble Environmental Power LLC)

Adequate Instruction; Sufficiency of Funds. 2.4.1 In (a) Notwithstanding anything to the contrary contained in this Agreement, but subject to the last sentence of Section 7.1, in the event that Depositary receives any monies in respect of the Company any Noble Entity, NEP or any Project without adequate instruction as to the Account into which such monies are to be deposited, Depositary shall immediately promptly deposit such monies into (i) prior to the Term-Conversion Date, the Construction Escrow Account and(for purposes of this sentence, after the Term-Conversion Date shall be deemed to have occurred at such time as the Administrative Agent so notifies Depositary, which notice from Collateral Administrative Agent that shall promptly deliver upon satisfaction or waiver of the Final Completion Date has occurredconditions to Term-Conversion in accordance with the Financing Agreement) and (ii) thereafter, into the Revenue Operating Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately thereafter notify the Company Borrower and Collateral Administrative Agent of the receipt of such monies. At any time that Depositary subsequently receives instructions from the Company and Collateral Agent jointly (unless an Event of Default exists, in which case instructions only from Collateral Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary shall transfer such monies, within one Business Day of receiving such notice, from the Construction Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company and/or Collateral Agent specified in such subsequent instructions. 2.4.2 To (b) Notwithstanding anything to the contrary contained in this Agreement, to the extent that there are insufficient funds in the relevant Account to make a payment, transfer or withdrawal directed by an Account Withdrawal Instructionrequested from such Account, Depositary shall (i) immediately promptly notify the Company Administrative Agent and Collateral Agent Borrower of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint written instructions from Collateral Administrative Agent (or Borrower, so long as no Event of Default has occurred and the Companyis continuing), make such payment, transfer or written withdrawal or transfer to the extent of such funds.

Appears in 1 contract

Samples: Depositary Agreement (Noble Environmental Power LLC)

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Adequate Instruction; Sufficiency of Funds. 2.4.1 In the event that Depositary receives any monies in respect of the Company without adequate instruction as to the Account into which such monies are to be deposited, Depositary shall immediately deposit such monies into the Construction Proceeds Escrow Account and, after notice from Collateral Agent that the Final Completion Date has occurred, into the Revenue Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately thereafter notify the Company and Collateral Agent of the receipt of such monies. At any time that Depositary subsequently receives instructions from the Company and Collateral Agent jointly (unless an Event of Default exists, in which case instructions only from Collateral Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary shall transfer such monies, within one Business Day [***] of receiving such notice, from the Construction Proceeds Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company and/or Collateral Agent specified in such subsequent instructions. 2.4.2 To the extent that there are insufficient funds in the relevant Account to make a transfer or withdrawal directed by an Account Withdrawal Instruction, Depositary shall (i) immediately notify the Company and Collateral Agent of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint instructions from Collateral Agent and the Company, make such withdrawal or transfer to the extent of such funds.

Appears in 1 contract

Samples: Depositary Agreement (Bloom Energy Corp)

Adequate Instruction; Sufficiency of Funds. 2.4.1 (a) In the event that Depositary receives any monies in respect of the Company Borrower or any Affiliate thereof without adequate instruction as to the Account into which such monies are to be deposited, Depositary shall immediately deposit such monies into the Construction Escrow Account and, after notice from Collateral Agent and Administrative Agent that the Final Completion Date Availability Period has occurredended, into the Revenue Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately thereafter notify the Company Borrower and Collateral Administrative Agent of the receipt of such monies. At any time that Depositary subsequently receives instructions from the Company Borrower and Collateral Administrative Agent jointly (unless an Event of Default exists, in which case instructions only from Collateral Administrative Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary shall transfer such monies, within one [***] Business Day of receiving such notice, from the Construction Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company Borrower and/or Collateral Administrative Agent specified in such subsequent instructions. 2.4.2 (b) To the extent that there are insufficient funds in the relevant Account to make a transfer or withdrawal directed by an Account Withdrawal Instruction, Depositary shall (i) immediately notify the Company Borrower and Collateral Administrative Agent of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint instructions from Collateral Administrative Agent and the CompanyBorrower, make such withdrawal or transfer to the extent of such funds.

Appears in 1 contract

Samples: Depositary Agreement (Bloom Energy Corp)

Adequate Instruction; Sufficiency of Funds. 2.4.1 In the event that Depositary receives any monies in respect of the Company without adequate instruction as to the Account into which such monies are to be deposited, Depositary shall immediately deposit such monies into the Construction Proceeds Escrow Account and, after notice from Collateral Agent that the Final Completion Date has occurred, into the Revenue Account, keeping such records as may be necessary to adequately distinguish such monies from other funds held in such Account, and shall immediately thereafter notify the Company and Collateral Agent of the receipt of such monies. At any time that Depositary subsequently receives instructions from the Company and Collateral Agent jointly (unless an Event of Default exists, in which case instructions only from Collateral Agent shall be sufficient) specifying the Account into which any such monies should be deposited, Depositary shall transfer such monies, within one Business Day of receiving such notice, from the Construction Proceeds Escrow Account or Revenue Account, as the case may be, into the Account(s) that the Company and/or Collateral Agent specified in such subsequent instructions. 2.4.2 To the extent that there are insufficient funds in the relevant Account to make a transfer or withdrawal directed by an Account Withdrawal Instruction, Depositary shall (i) immediately notify the Company and Collateral Agent of such deficiency and (ii) thereafter, to the extent practicable, unless it promptly receives contrary joint instructions from Collateral Agent and the Company, make such withdrawal or transfer to the extent of such funds.

Appears in 1 contract

Samples: Depositary Agreement (Bloom Energy Corp)

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