Equity Account. (a) Subject to Section 4.13, on the date specified below the Collateral Agent shall transfer, from the funds on deposit in each subaccount of the Equity Account, the amount certified by the Facility Lessee in the Request Letter delivered in connection with such date the following amounts in the following order of priority: first, after giving effect to all transfers made pursuant to Section 4.1 hereof, on each Monthly Transfer Date either (a) which is also a Restricted Payment Blockage Date occurring prior to the Additional Reserve Period or (b) which occurs during the Additional Reserve Period, into the applicable subaccount of the Supplemental Account, the amount, if any, by which the sum of the balance in the applicable subaccount of the Senior Rent Payment Account and the balance in the applicable subaccount of the Equity Account (immediately prior to giving effect to the transfer contemplated by this clause first) exceeds the applicable Senior Rent Reserve Amount; second, on each Monthly Transfer Date either (a) which is also a Restricted Payment Blockage Date occurring prior to the Additional Reserve Period or (b) which occurs during the Additional Reserve Period, into the applicable subaccount of the Additional Reserve Account the amount by which the sum of (1) the Owner Lessor's Percentage of the balance in the Revenue Account and (2) the balances in the applicable subaccounts of the Senior Rent Payment Account, the Equity Account (immediately prior to giving effect to the transfer contemplated by this clause second) and the Recovery Event Proceeds Account exceeds the sum of all the Basic Lease Rent and Supplemental Lease Rent due and unpaid on that date and the average of the next two aggregate payments of the Basic Lease Rent, in each case, under the applicable Facility Lease minus the Owner Lessor's Percentage of $1 million, as certified in the Request Letter; third, on each Restricted Payment Date which does not occur during the Additional Reserve Period if the conditions to the payments of the Component A of Basic Lease Rent are satisfied pursuant to Section 6.9 of the applicable Participation Agreement, into the applicable subaccount of the Subordinated Rent Payment Account, an amount payable with respect to the Component A of Basic Lease Rent plus all Excepted Payments, if any, due and payable under the applicable Facility Lease on the Restricted Payment Date, together with the amount of all deficiencies, if any, with respect to all payments...
Equity Account. The Borrower covenants to procure that the Guarantor shall maintain a minimum credit balance of thirty million Dollars in the Equity Account throughout the Facility Period. If and to the extent the Loan is partially prepaid or cancelled, this minimum requirement shall be reduced pro rata to the reduction in the Commitments.
Equity Account. The Equity Account shall have been funded with a minimum of thirty million Dollars ($30,000,000).
Equity Account. The Facility Lessee agrees that any Equity Letter of Credit delivered to the Collateral Agent in accordance with the terms of Section 4.6(b) hereof and all proceeds thereof shall be deposited in the applicable subaccount of the Equity Account.
Equity Account. 12 Section 3.5 DEPOSITS IRREVOCABLE.................................12
Equity Account. (a) On each Restricted Payment Date, subject to Section 4.13, the Collateral Agent shall transfer, from the funds on deposit in each subaccount of the Equity Account, the amount certified by the Facility Lessee in the Request Letter delivered in connection with such Restricted Payment Date the following amounts in the following order of priority: FIRST, either:
Equity Account. Except during a Default Period, on -------------- each Restricted Payment Date, the Collateral Agent shall transfer, from the funds on deposit in the Equity Account, the amount certified by the Borrower in the Request Letter delivered in connection with such Restricted Payment Date to be then available for use in making Restricted Payments in accordance with the terms of the Financing Documents. In addition, the Collateral Agent shall make transfers from the funds on deposit in the Equity Account in accordance with Sections 4.1(b) and 4.14(b).
Equity Account. The Collateral Agent shall, on or prior to the Closing Date, establish a single, segregated non-interest bearing account in the name “APA FINANCE III BORROWER, LLC Equity Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Equity Account” and which shall be governed solely by the terms of this
Equity Account. (a) Maintain the Equity Account with Bank of America.
Equity Account. $6,886,000 of the Project Equity, to be contributed or loaned to Borrower less all sums previously invested by Borrower in the Project (which investments shall be documented to Agent's reasonable satisfaction), shall be deposited in an interest-bearing account to be maintained by Borrower with Agent (the "Equity Account"). Interest earned on the Equity Account shall be part of the Equity Account and shall be paid currently from time to time to Parent. The Equity Account is hereby pledged as additional collateral for the Construction Loan, and Parent and Borrower hereby grant and convey to Agent for the benefit of the Lenders a security interest in all funds in the Equity Account as additional collateral for the Construction Loan. Eighty percent (80%) of each advance by Agent shall consist of Construction Loan proceeds and twenty percent (20%) of funds from the Equity Account (other than unexpended sums allocated for Pre-Opening Operating Costs). Upon a Default, Agent may (but shall have no obligation to) apply all or any part of the Equity Account (other than unexpended sums allocated for the payment of the Pre-Opening Operating Costs) against the unpaid Indebtedness in such order as the Required Lenders determine. Any funds remaining in the Equity Account upon the issuance of the certificate of occupancy (other than sums allocated for Pre-Opening Operating Costs to be paid after the issuance of the Medicare Certification) shall be used to prepay the Construction Loan to the extent necessary to ensure that the outstanding principal amount of the Construction Loan shall at no time exceed an amount equal to the lesser (x) eighty percent (80%) of the Total Project Cost or (y) seventy-five percent (75%) of the Appraised Value. The balance, if any, shall be returned to Parent.
