Common use of Disbursement Account Clause in Contracts

Disbursement Account. On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Disbursement Account pursuant to the Company Collateral Account Agreements. On each Advance Date, funds shall be withdrawn from the Collection Account and deposited in the Disbursement Account in accordance with Section 2.4.4(a). Subject to the provisions of Section 10.2 and the Company Collateral Account Agreements, amounts on deposit in the Disbursement Account shall be transferred by the Disbursement Agent to the Soft Costs Cash Management Sub-Account, the Hard Costs Cash Management Sub-Account, the Interest Payment Account, the Company's Payment Account and/or applied to pay Project Costs in accordance with Section 2.6. On the Final Completion Date, funds remaining in the Disbursement Account shall be applied as provided in Section 2.11. The deposit of funds into the Disbursement Account shall not give the Company any greater rights to such funds than the rights, if any, that the Company had to such funds while they were on deposit in the Collection Account. In the event that any funds deposited in the Disbursement Account are, for any reason, not withdrawn therefrom pursuant to Section 2.6 on the same day on which they are deposited, such funds shall, on the next Banking Day, be withdrawn from the Disbursement Account and returned to the Collection Account. The Disbursement Agent shall cause investment income from Permitted Investments on amounts on deposit in the Disbursement Account to be transferred to and deposited in the Collection Account at the same time as the corresponding funds that gave rise to such investment income are transferred to such account.

Disbursement Account. On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Disbursement Account pursuant to the Company Collateral Account Agreements. On each Advance Date, funds There shall be withdrawn from the Collection Account and deposited in the Disbursement Account (a) all funds from time to time advanced by the Bank Lenders (and/or withdrawn from the Bank Proceeds Account pursuant to Section 2.5.3) other than any Letters of Credit issued under the Bank Credit Facility and amounts withdrawn from the Bank Proceeds Account pursuant to Section 2.6.3, and (b) all funds withdrawn by the Disbursement Agent from the Company's Funds Account and the Second Mortgage Notes Proceeds Account, in accordance with each case, pursuant to Section 2.4.4(a). Subject to the provisions of Section 10.2 and the Company Collateral Account Agreements, amounts on deposit in the Disbursement Account shall shall, from time to time, be transferred by the Disbursement Agent to the Soft Costs Cash Management Sub-Account, the Hard Costs Cash Management Sub-Account, the Interest Payment Account, the Bank Proceeds Account, the Company's Payment Account and/or applied by the Disbursement Agent to pay Project Costs in accordance with Section 2.6. On the Final Completion Date, funds remaining in the Disbursement Account shall be applied by the Disbursement Agent as provided in Section 2.11. The deposit of funds into the Disbursement Account shall not create, vest in, or give the Company any greater rights to such funds than the rightsfunds, if any, that and the Company had shall have no right to draw, obtain the release or otherwise use such funds while they were on deposit until (x) the requirements of Section 2.4 (except, prior to the initial Advance of funds from the Second Mortgage Notes Proceeds Account, as such requirements may be modified pursuant to Section 3.2) have been satisfied and (y) the conditions set forth in Sections 3.1, 3.2 or 3.3, as the Collection Accountcase may be, have been satisfied or waived in accordance with the terms hereof. In the event that If any funds deposited in the Disbursement Account are, for any reason, not withdrawn therefrom pursuant to Section 2.6 on or before the same next Banking Day after the day on which they are were deposited, such funds shall, on the next Second Banking DayDay after the day on which they were deposited, be withdrawn by the Disbursement Agent from the Disbursement Account and returned to (A) in the Collection case of funds advanced by the Bank Lenders or withdrawn from the Bank Proceeds Account, deposited by the Disbursement Agent in the Bank Proceeds Account, (B) in the case of funds withdrawn from the Company's Funds Account, deposited by the Disbursement Agent in the Company's Funds Account, and (C) in the case of funds withdrawn from the Second Mortgage Notes Proceeds Account, deposited by the Disbursement Agent in the Second Mortgage Notes Proceeds Account. The Disbursement Agent shall cause investment income from Permitted Investments on amounts on deposit in the Disbursement Account to be transferred to and deposited in (1) the Collection Account Bank Proceeds Account, to the extent arising from funds advanced by the Bank Lenders or withdrawn from the Bank Proceeds Account, (2) the Company's Funds Account, to the extent arising from funds withdrawn from the Company's Funds Account, and (3) the Second Mortgage Notes Proceeds Account, to the extent arising from funds withdrawn from the Second Mortgage Notes Proceeds Account; in each case at the same time as the corresponding funds that gave giving rise to such the investment income are transferred to such accountthe respective accounts.

Disbursement Account. On or prior to the Closing Financing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Disbursement Account pursuant to the Company Collateral Account AgreementsAgreement. The Disbursement Account shall be subject to the sole control of the Disbursement Agent. On each Advance Date, funds shall be withdrawn from the Collection Account and deposited in the Disbursement Account in accordance with Section 2.4.4(a2.5.4(a). Subject to the provisions of Section 10.2 and the Company Collateral Account AgreementsAgreement, amounts on deposit in the Disbursement Account shall be transferred by the Disbursement Agent to the Soft Costs HC/Mall Component Cash Management Sub-Account, Account and/or the Hard Costs HVAC Component Cash Management Sub-Account, Account and/or the Interest Payment Account, Account and/or the Company's Payment Lien Protection Account and/or applied to pay Project Costs in accordance with Section 2.62.7. On the Final Completion Date, funds remaining in the Disbursement Account shall be applied as provided in Section 2.112.12. The deposit of funds into the Disbursement Account shall not give the Company any greater rights to such funds than the rights, if any, that the Company had to such funds while they were on deposit in the Collection Account. In the event that any funds deposited in the Disbursement Account are, for any reason, not withdrawn therefrom pursuant to Section 2.6 2.7 on the same day on which they are depositeddeposited (or, with respect to amounts to be disbursed in accordance with Section 2.7.2, the third day following their deposit), such funds shall, on the next Banking Dayday, be withdrawn from the Disbursement Account and returned to the Collection Account. The Disbursement Agent shall cause investment income from Permitted Investments Any interest which may accrue on amounts on deposit deposited in the Disbursement Account to shall be transferred to and deposited in the Collection Company's Funds Account at the same time until applied as the corresponding funds that gave rise to such investment income are transferred to such accountherein provided.