Common use of FF&E Proceeds Account Clause in Contracts

FF&E Proceeds Account. On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the FF&E Proceeds Account pursuant to the FF&E Collateral Account Agreement. There shall be deposited in the FF&E Proceeds Account (a) as provided in Section 2.3.3, all amounts deposited by the FF&E Lenders in the Collection Account (or transferred to the Collection Account from the FF&E Proceeds Account) which (i) are not transferred to the Disbursement Account on the same day such funds were deposited in the Collection Account or (ii) which are transferred to the Disbursement Account on the day deposited but are later returned to the Collection Account, (b) investment income from Permitted Investments on amounts on deposit in the Collection Account or the Disbursement Account to the extent arising from funds advanced by the FF&E Lenders or withdrawn from the FF&E Proceeds Account, and (c) the amounts set forth in Section 2.9(d). Subject to the provisions of Section 10.2 and the FF&E Collateral Account Agreement, amounts on deposit in the FF&E Proceeds Account shall, from time to time be transferred by the Disbursement Agent to the Collection Account in accordance with Section 2.3.3 and thereafter to the Disbursement Account for application to pay Project Costs in accordance with Sections 2.4.4(a) and 2.5.5 and, on the earlier to occur of (i) the Final Completion Date and (ii) the expiration of the six-month period commencing on the Completion Date, be applied as provided in Sections 2.9(e) or 2.11, as applicable. Investment income from Permitted Investments on amounts on deposit in the FF&E Proceeds Account shall be deposited at all times therein until applied to the payment of Project Costs or applied in accordance with Sections 2.9(e) or 2.11, as applicable.

FF&E Proceeds Account. On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the FF&E Proceeds Account pursuant to the FF&E Collateral Account Agreement. There shall be deposited in the FF&E Proceeds Account (a) as provided in Section 2.3.3, all amounts deposited funds advanced from time to time by the FF&E Lenders other than the Advance to refinance the purchase of the Aircraft described in the Collection Account (or transferred first sentence of Section 2.5.5 and the amounts to the Collection Account from the FF&E Proceeds Account) which (i) are not transferred to the Disbursement Account on the same day such funds were be deposited in the Collection Company's Funds Account or (ii) which are transferred pursuant to the Disbursement Account on the day deposited but are later returned to the Collection Accountsuch Section, (b) investment income from Permitted Investments on amounts on deposit in the Collection Account or the Disbursement Account to the extent arising from funds advanced by the FF&E Lenders or withdrawn from the FF&E Proceeds Account, and (c) the amounts set forth in Section 2.9(d). Subject to the provisions of Section 10.2 and the FF&E Collateral Account Agreement, amounts on deposit in the FF&E Proceeds Account shall, from time to time be transferred by the Disbursement Agent to the Collection Company's FF&E Payment Account, the Hard Costs Cash Management Account, the Soft Costs Cash Management Account in accordance with Section 2.3.3 and thereafter to and/or applied by the Disbursement Account for application Agent to pay Project Costs in accordance with Sections 2.4.4(a) 2.5.5 and 2.5.5 2.6 and, on the earlier to occur of (i) the Final Completion Date and (ii) the expiration of the six-month period commencing on the Completion Date, be applied by the Disbursement Agent as provided in Sections 2.9(e) or 2.11, as applicable. Investment The deposit of funds into the FF&E Proceeds Account shall not create, vest in, or give the Company any rights to such funds, and the Company shall have no right to draw, obtain the release or otherwise use such funds until (x) the requirements of Section 2.4 have been satisfied and (y) the conditions set forth in Sections 3.1, 3.2 or 3.3, as the case may be, have been satisfied or waived in accordance with the terms hereof. The Disbursement Agent shall cause investment income from Permitted Investments on amounts on deposit in the FF&E Proceeds Account shall to be deposited at all times therein until applied to the payment of Project Costs or applied in accordance with Sections 2.9(e) or 2.11, as applicable.