Loan Proceeds Account Sample Clauses

Loan Proceeds Account. 23.8.1 The Borrower will open a transactional account with the On Shore Security Agent ("LOAN PROCEEDS ACCOUNT") prior to the first Utilisation Date, such account to be pledged by the Borrower in favour of the Senior Creditors by entering into the Claims Assignment and Bills of Exchange Agreement.
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Loan Proceeds Account. Until the Termination Date, Borrower shall establish and maintain a zero balance disbursement account under account number 6301373498 (the "Loan Proceeds Account") with The Bank of New York (the "Loan Proceeds Account Bank") or such other financial institution as approved by Agent and the Majority Lenders in writing. On or prior to the Closing Date, Borrower will cause to be delivered to Administrative Agent a Control Agreement (in form and substance satisfactory to Administrative Agent) duly executed by the Loan Proceeds Account Bank and Borrower. If a Cash Dominion Event has occurred (and no corresponding Cash Dominion Termination Event has theretofore occurred), Administrative Agent shall, from time to time, deposit proceeds of Advances and Overadvances made to Borrower pursuant to Section 1.1 into the Loan Proceeds Account for use by Borrower solely in accordance with the provisions of Section 1.4.
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Loan Proceeds Account. The proceeds of each Additional Lender's Additional Loan shall, on the applicable funding date thereof, be deposited in a separate account for the Borrower maintained with such Additional Lender until disbursed in accordance with Section 2.03 of the Financing Agreement. Accordingly, the following provisions in the Financing Agreement are amended as follows:
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Loan Proceeds Account. DIP Agent shall have established the Loan Proceeds Account.
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Related to Loan Proceeds Account

  • Proceeds Account To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated (including with respect to undrawn amounts under any Letter of Credit) at such time as there may exist an Event of Default, the Collateral Agent may, at its election, (i) retain the proceeds of any sale, collection, disposition or other realization upon the Collateral (or any portion thereof) in a special purpose non-interest-bearing restricted deposit account (the "Proceeds Account") created and maintained by the Collateral Agent for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as the Collateral Agent may elect to apply such proceeds to the Secured Obligations, and Grantor agrees that such retention of such proceeds by the Collateral Agent shall not be deemed strict foreclosure with respect thereto; (ii) in any manner elected by the Collateral Agent, estimate the liquidated amount of any such contingent, unmatured or unliquidated claims and apply the proceeds of the Collateral against such amount; or (iii) otherwise proceed in any manner permitted by applicable law. Grantor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, Grantor shall not have any right of withdrawal with respect to such funds. Accordingly, Grantor irrevocably waives until the termination of the security interests granted under this Agreement in accordance with this Agreement the right to make any withdrawal from the Proceeds Account and the right to instruct the Collateral Agent to honor drafts against the Proceeds Account.

  • LC Collateral Account (i) The Administrative Agent is hereby authorized to establish and maintain at the Notice Office, in the name of the Administrative Agent and pursuant to a dominion and control agreement, a restricted deposit account designated “The Lead Borrower LC Collateral Account.” Each Credit Party shall deposit into the LC Collateral Account from time to time the Cash Collateral required to be deposited under Section 2.13(j) hereof.

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Facility LC Collateral Account The Borrower agrees that it will, upon the request of the Agent or the Required Lenders and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the LC Issuer or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Agent in its Permitted Discretion (the “Facility LC Collateral Account”) at the Agent’s office at the address specified pursuant to Article XIII, in the name of the Borrower but under the sole dominion and control of the Agent, for the benefit of the Lenders and in which the Borrower shall have no interest other than as set forth in Section 8.1. Nothing in this Section 2.1.2(j) shall either obligate the Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Agent to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1. The Borrower hereby pledges, assigns and grants to the Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Borrower’s right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Secured Obligations. The Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of Chase having a maturity not exceeding thirty days.

  • Disbursement Account A trust account for the benefit of Owner, opened by Manager with an FDIC insured bank to pay for “Operating Expenses” as defined in Section 4.01(b).

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Collateral Account Party B shall open and maintain a segregated account, which shall be an Eligible Account, and hold, record and identify all Posted Collateral in such segregated account.

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

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