Net Proceeds Account Sample Clauses

Net Proceeds Account. Amounts on deposit in the Net Proceeds Account shall not be commingled with any other account or fund established under this Indenture. No sale or investment proceeds of any Bonds and no Pledged Revenues may be deposited to the Net Proceeds Account. The Authority hereby assigns to the Trustee its rights in any Net Proceeds deposited with the Trustee. The Authority agrees to have any such Net Proceeds paid directly to the Trustee. The Authority agrees to notify the Trustee immediately in writing in the case of damage, destruction or loss of all or any material portion of the Authority-Owned Facilities as a result of fire or other casualty or condemnation or loss of title but only to the extent the Authority has actual knowledge of any such damage, destruction or loss. The Trustee shall hold any such Net Proceeds paid to or for the benefit of the Authority in the Net Proceeds Account subject to further instructions of the Authority. Unless the Authority makes the election described in the following paragraph, the Net Proceeds may be disbursed in accordance with Section 6.2 of this Indenture to promptly repair, reconstruct and restore the Authority-Owned Facilities to substantially the same condition as before the damage, destruction, loss of title or condemnation with such alterations and additions as the Authority may determine and which will not impair the capacity or character of the Authority-Owned Facilities for their intended use. If the Net Proceeds are not sufficient to pay in full the costs of such repair, reconstruction and restoration, the Authority may, but shall not be obligated to, pay any excess costs from other available funds or make the election described in the following paragraph. Any balance of Net Proceeds remaining after payment of the cost of any such repair or restoration shall be transferred to the Redemption Account of the Bond Fund and used to redeem Series 2022 Bonds in accordance with Section 4.3. The Authority shall deliver to the Trustee a certificate indicating the completion of such repair or restoration executed by an Engineer prior to such transfer. The Authority may elect not to restore the Authority-Owned Facilities in full or part but to apply Net Proceeds in full or part to the optional redemption or other redemption or defeasance of the Bonds in the manner otherwise permitted by the Indenture; provided, however, that (i) if available insurance proceeds are insufficient to pay the full cost to repair or replace the por...
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Net Proceeds Account. (a) On or prior to the Closing Date, Borrowers shall establish and thereafter maintain with the Mezzanine Cash Management Bank an account for the purpose of depositing any Net Proceeds (the "Net Proceeds Account") from the Properties.
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Net Proceeds Account. (a) On or prior to the Closing Date, Borrowers shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Net Proceeds (the "Net Proceeds Account") from the Properties.
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Net Proceeds Account. (a) Prior to the Net Proceeds Release Date, on each Master Servicer Remittance Date amounts with respect to any liquidated Mortgage Loan representing Net Liquidation Proceeds received with respect thereto in excess of the Monthly Payment or Assumed Monthly Payment for the Due Date in the preceding Collection Period, subject to the priorities set forth in Section 4.01(b), will be deposited by the Trustee in a segregated account (the "Net Proceeds Account") held by the Trustee for the benefit of the Certificateholders and Certificate Insurer. The Trustee will invest the funds on deposit in the Net Proceeds Account in accordance with Section 4.06(d). On each 168
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Related to Net Proceeds Account

  • Proceeds Account To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated at such time as an Event of Default has occurred and is continuing, the Administrative 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 Administrative Agent for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as the Administrative Agent may elect to apply such proceeds to the Secured Obligations, and each Grantor agrees that such retention of such proceeds by the Administrative Agent shall not be deemed strict foreclosure with respect thereto; (ii) in any manner elected by the Administrative 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. Each Grantor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, such Grantor shall not have any right of withdrawal with respect to such funds. Accordingly, each Grantor irrevocably waives until the termination of this Agreement in accordance with Section 25 the right to make any withdrawal from the Proceeds Account and the right to instruct the Administrative Agent to honor drafts against the Proceeds Account.

  • Revenue Account (a) Subject to Section 4.13, on each Monthly Transfer Date the Collateral Agent shall transfer with respect to each Owner Lessor, such Owner Lessor's Percentage of the funds on deposit in the Revenue Account in the following amounts in the following order of priority: FIRST, to the Operating Account, the amount certified in such Request Letter to be such Owner Lessor's Percentage of the excess, if any, of the aggregate amount of Operating Expenses then due and payable or projected to become due and payable in the next succeeding month over the balance then on deposit in the Operating Account; PROVIDED that if the Annual Budget in effect for such Fiscal Year of the Facility Lessee was determined in accordance with Section 5.14(b) or 5.14(c) of any Participation Agreement, then the amount withdrawn from the Operating Account on any Monthly Transfer Date during such Fiscal Year shall not exceed the amount set forth in such Annual Budget for the immediately succeeding calendar month unless agreed to by the Majority in Interest of the Owner Lessors except with respect to fuel and emission allowance costs which shall not be subject to the consent or approval of the Owner Lessors; SECOND, to the Collateral Agent, the applicable Owner Lessor's Owner Manager, the Lease Indenture Trustee, the Security Agent and the Bondholder Trustee, the amount certified in the Request Letter delivered in connection with such Monthly Transfer Date to be the sum of the unpaid fees, indemnities, costs and expenses then due and payable to such Persons in respect of their respective services in such capacities; PROVIDED THAT in the case of the Collateral Agent and the Bondholder Trustee, such amount shall be such Owner Lessor's Percentage of the sum of the unpaid fees, indemnities, costs and expenses of the Collateral Agent and the Bondholder Trustee; THIRD, into the applicable subaccount of the Senior Rent Payment Account, an amount equal to (a) 1/6th of the aggregate amount which is payable on or within six months following such Monthly Transfer Date on account of Senior Rent (other than of the type specified in clause (b) of the definition thereof) under such Owner Lessor's Facility Lease and (b) the aggregate amount of all Senior Rent of the type specified in clause (b) of the definition thereof, under such Owner Lessor's Facility Lease for which will become due and payable prior to the next Monthly Transfer Date together with the amount of all deficiencies, if any, with respect to deposits required to be made in the applicable subaccount of the Senior Rent Payment Account in all prior months, as certified in the Request Letter; FOURTH, subject to Section 4.13 hereof and to Section 6.9 of the Participation Agreement, if applicable, and to the Operative Documents applicable to the Persons entitled thereto, an amount equal to all other Supplemental Rent (other than Excepted Payments) under the applicable Facility Lease then due and payable to such Persons as certified in the Request Letter; FIFTH, into the Permitted Indebtedness Account, such Owner Lessor's Percentage of an amount sufficient to repay in full the Permitted Indebtedness then due, as certified in the Request Letter; SIXTH, into the applicable subaccount of the Equity Account, such Owner Lessor's Percentage of the balance remaining in the Revenue Account.

  • 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.

  • 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.

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

  • 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.

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