Common use of Property Account Clause in Contracts

Property Account. (a) On or prior to the Closing Date, the Property Trustee shall establish the Property Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Property Account for the purpose of making deposits in and withdrawals from the Property Account in accordance with this Declaration. All monies and other property deposited or held from time to time in the Property Account shall be held by the Property Trustee in the Property Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein. (b) The Property Trustee shall deposit in the Property Account, promptly upon receipt, all payments of principal of or interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Property Account shall not be invested by the Property Trustee pending distribution thereof.

Property Account. (a) On or prior to the Closing Date, the Property Trustee shall establish the Property Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Property Account for the purpose of making deposits in and withdrawals from the Property Account in accordance with this DeclarationTrust Agreement. All monies and other property deposited or held from time to time in the Property Account shall be held by the Property Trustee in the Property Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein. (b) The Property Trustee shall deposit in the Property Account, promptly upon receipt, all payments of principal of or interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Property Account shall not be invested by the Property Trustee pending distribution thereof.

Property Account. (a) On or prior to the Closing Date, the ---------------- Property Trustee shall establish the Property Account. The Property Trustee and any agent Agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Property Account for the purpose of making deposits in and withdrawals from the Property Account in accordance with this DeclarationTrust Agreement. All monies and other property deposited or held from time to time in the Property Account shall be held by the Property Trustee in the Property Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein. (b) The Property Trustee shall deposit in the Property Account, promptly upon receipt, all payments of principal of or interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Property Account shall not be invested by the Property Trustee pending distribution thereof.