Payments Into Construction Account: Payments Into Qualifying Cost Subaccount Sample Clauses

Payments Into Construction Account: Payments Into Qualifying Cost Subaccount. The Construction Account and the Qualifying Cost Subaccount (but only with respect to monies to be deposited pursuant to clauses (iv), (v), and (vi)) shall be funded (i) on the Closing Date, with the net proceeds of the Securities other than those proceeds (A) transferred pursuant to Section 3.3 to the Trustee for deposit in the Securities Construction Interest Account under the Indenture and (B) transferred pursuant to Section 3.15 to the Debt Acquisition Account; (ii) from time to time, with process of any Equity Bridge Loan, provided, however, that if an Equity Contribution Date has occurred, proceeds of the Equity Contribution received pursuant to the Equity Contribution Agreement or the GE Capital Guaranty Agreement, as the case may be, shall be applied as set forth in Section 3.4(d) of this Disbursement Agreement; (iii) from time to time, with proceeds of any Equity Contribution as and when specified in Section 3.4(d) of this Disbursement Agreement; (iv) on the Closing Date, with the net proceeds of the Series 1994A Bonds other than (A) those proceeds necessary to refund the Series 1992A Bonds and the Series 1992B Bonds, (B) those proceeds transferred pursuant to Section 3.3 to the Tax Exempt Trustee for deposit in the Tax Exempt Bond Construction Interest Fund under the Tax Exempt Indenture and (C) those proceeds transferred to the Tax Exempt Debt Service Reserve Account pursuant to Section 3.14(e); (v) upon the sale of the Series 1994B Bonds, with the net proceeds of such Series 1994B Bonds other than those proceeds (A) transferred pursuant to Section 3.3 to the Tax Exempt Trustee for deposit in the Tax Exempt Bond Construction Interest Fund under the Tax Exempt Indenture and (B) transferred to the Tax Exempt Debt Service Reserve Account pursuant to Section 3.14(e); (vi) on the Closing Date, with those proceeds of the Series 1992A Bonds and Series 1992B Bonds transferred by Citibank, N.A., as the "Paying Agent" under that certain Indenture of Trust dated as of January 1, 1993 among the XXX and NationsBank of Virginia, N.A., as "Trustee" thereunder other than (A) those proceeds transferred pursuant to Section 3.3 to the Tax Exempt Trustee for deposit in the Tax Exempt Bond Construction Interest Fund under the Tax Exempt Indenture and (B) those proceeds transferred to the Tax Exempt Debt Service Reserve Account pursuant to Section 3.14(e); (vii) prior to the Completion Date, with all Project Revenues and (viii) those proceeds transferred by Credit Su...
Sample 1
AutoNDA by SimpleDocs

Related to Payments Into Construction Account: Payments Into Qualifying Cost Subaccount

  • Investment of Amounts in Special Payments Account Any amounts on deposit in the Special Payments Account prior to the distribution thereof pursuant to Section 2.4(b) or (c) shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall be distributed in accordance with Section 2.4(b) or (c), as the case may be.

  • Payment Processing; Allocation; Priority of Payments (i) The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than three (3) Business Days after receipt.

  • CREDITING PAYMENTS; APPLICATION OF COLLECTIONS The receipt of any Collections by Foothill (whether from transfers to Foothill by the Concentration Account or otherwise) immediately shall be applied provisionally to reduce the Obligations outstanding under SECTION 2.1, but shall not be considered a payment on account unless such Collection item is a wire transfer of immediately available federal funds and is made to the Foothill Account or unless and until such Collection item is honored when presented for payment. From and after the Closing Date, Foothill shall be entitled to charge Borrower for 2 Business Days of `clearance' or `float' at the rate set forth in SECTION 2.6(a) or SECTION 2.6(c), as applicable, on all Collections that are received by Foothill (regardless of whether forwarded by the Concentration Account Bank to Foothill, whether provisionally applied to reduce the Obligations under SECTION 2.1, or otherwise). This across-the-board 2 Business Day clearance or float charge on all Collections is acknowledged by the parties to constitute an integral aspect of the pricing of Foothill's financing of Borrower, and shall apply irrespective of the characterization of whether receipts are owned by an Obligor or Foothill, and whether or not there are any outstanding Advances, the effect of such clearance or float charge being the equivalent of charging 2 Business Days of interest on such Collections. Should any Collection item not be honored when presented for payment, then Borrower shall be deemed not to have made such payment, and interest shall be recalculated accordingly. Anything to the contrary contained herein notwithstanding, any Collection item shall be deemed received by Foothill only if it is received into the Foothill Account on a Business Day on or before 11:00 a.m.

  • Determination Date Calculations; Application of Available Funds (a) On each Determination Date, the Servicer shall calculate the following amounts:

  • Collection of Mortgage Loan Payments; Collection Account; Distribution Account (a) The Master Servicer shall enforce the obligation of the Servicers to collect all payments called for under the terms and provisions of the Mortgage Loans to the extent such procedures shall be consistent with the applicable Servicing Agreement and the terms and provisions of any related Required Insurance Policy.

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Payments to Collection Account On or before the applicable Cut-Off Date, the Servicer shall have instructed all Obligors to make all payments in respect of the Collateral Portfolio directly to the Collection Account; provided that the Servicer is not required to so instruct any Obligor which is solely a guarantor or other surety (or an Obligor that is not designated as the “lead borrower” or another such similar term) unless and until the Servicer calls on the related guaranty or secondary obligation.

  • Payments from Available Funds Only All payments to be made by the Borrower under this Agreement shall be made only from the amounts that constitute Scheduled Payments, Special Payments and other payments under the Operative Agreements, including payment under Section 4.02 of the Participation Agreements and payments under Section 2.14 of the Indentures, and only to the extent that the Borrower shall have sufficient income or proceeds therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Intercreditor Agreement. The Liquidity Provider agrees that it will look solely to such amounts to the extent available for distribution to it as provided in the Intercreditor Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally liable to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Intercreditor Agreement or any Participation Agreement. Amounts on deposit in the Class A Cash Collateral Account shall be available to the Borrower to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.05(f) of the Intercreditor Agreement.

  • Distributions from Certificate Account and Special Payments Account (a) On each Regular Distribution Date with respect to a series of Certificates or as soon thereafter as the Trustee has confirmed receipt of the payment of all or any part of the Scheduled Payments due on the Equipment Notes held (subject to the Intercreditor Agreement) in the related Trust on such date, the Trustee shall distribute out of the applicable Certificate Account the entire amount deposited therein pursuant to Section 4.01(a). There shall be so distributed to each Certificateholder of record of such series on the Record Date with respect to such Regular Distribution Date (other than as provided in Section 11.01 concerning the final distribution) by check mailed to such Certificateholder, at the address appearing in the Register, such Certificateholder’s pro rata share (based on the Fractional Undivided Interest in the Trust held by such Certificateholder) of the total amount in the applicable Certificate Account, except that, with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distribution shall be made by wire transfer in immediately available funds to the account designated by such Clearing Agency (or such nominee).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!