Equity Account Clause Samples
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 Equity Account shall have been funded with a minimum of thirty million Dollars ($30,000,000).
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. 10 Section 3.5 DEPOSITS IRREVOCABLE....................................10
Equity Account. The Facility Lessee agrees that any Component A Letter of Credit delivered to the Collateral Agent in accordance with the terms of Section 4.6(b) hereof shall be deposited in the Equity Account and all proceeds from a draw thereon shall be deposited in the applicable subaccounts of the Equity Account based upon each Owner Lessor's Percentage of such amount.
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. 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. The Manager shall credit the Equity Account for each Participant with the agreed value of each Participant's Initial Contribution and subsequent contributions (net of liabilities assumed by the Participants and liabilities to which such contributed property is subject) and each Participant's distributive share of income and gain (or item thereof). Likewise, the Manager shall charge each Participant's Equity Account with the cash and the fair market value of property distributed to such Participant (net of liabilities assumed by such Participant and liabilities to which such distributed property is subject), and such Participant's distributive share of loss and deduction (or item thereof). Prior to any distribution of Assets (in-kind or otherwise), the Manager shall adjust the Equity Accounts for the gain or loss which would be allocable to each Participant upon a disposition of such Assets for fair market value. Contributions and distributions include all cash contributions or distributions plus the deemed value (expressed in dollars) of all in-kind contributions or distributions. All calculations of income, expense, gain, loss, depletion, depreciation and amortization are based on generally accepted accounting principles in Canada, consistently applied by the Manager. The Equity Account for each Participant will not be reduced to any amount less than $1.00.
Equity Account. Any equity contributions into Borrower from the Parent Equity Investors, other than Contributions received in accordance with the Contribution Agreement, shall be deposited into the Equity Account and shall be disbursed in accordance with the LLC Agreement and the Equityholders 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).