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:
(i) into the applicable subaccount of the Subordinated Rent Payment Account, if the conditions to the payments of the Equity Portion of Basic Lease Rent are satisfied pursuant to Section 6.9 of the applicable Participation Agreement, an amount payable with respect to the Equity Portion 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 required in all prior months, as certified in the Request Letter; or
(ii) into the applicable subaccount of the Supplemental Equity Account, if the conditions to the payments of the Equity Portion of Basic Lease Rent set forth in Section 6.9 of the applicable Participation Agreement are not satisfied, in the amount by which the sum of the balances in the applicable subaccount in each of the Revenue Account, the Senior Rent Payment Account, the Recovery Event Proceeds Account and the Equity Account exceeds the sum of all 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 under the applicable Facility Lease minus the Owner Lessor Percentage of $1 million, as certified the Request Letter; SECOND, into the applicable subaccount of the Subordinated Reserve Account, an amount equal to the difference, if positive, between the Reserve Requirement under the applicable Facility Lease and any amount on deposit in the applicable subaccount of the Reserve Account; and THIRD, the balance remaining in the applicable subaccount of the Equity Account, either into the Distributions Account for the making of Restricted Payments if the conditions to making these payments as set forth in Section 6.10 of the applicable Participation Agreement are satisfied or into the applicable subaccount of the Suspended Distributions Account if such conditions in Section 6.10 of the Participation Agreement are not satisfied.
(b) Upon the occurrence and during the continuance of a Rent Default Event under a Facility Lease, the applicable Ow...
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. 10 Section 3.5 DEPOSITS IRREVOCABLE....................................10
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. 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.
(b) Use the proceeds contained in the Equity Account solely in connection with the Project.
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.
Equity Account. Simultaneous with the Closing, Borrower shall deposit (or cause to be deposited) the Borrower’s Initial Equity Contribution into a segregated account of Borrower with a financial institution reasonably satisfactory to Lender (the “Equity Account”). Borrower hereby grants to Lender a security interest in the Equity Account. It shall be an Event of Default hereunder if Borrower withdraws any funds from the Equity Account in violation of the terms of this Agreement.
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).
