Release of Amounts in Equity Funding Account Sample Clauses

Release of Amounts in Equity Funding Account. On the date that (x) Operational Completion has occurred and (y) the Borrower has established and funded a reserve in an amount determined by the Borrower and approved by the Lender’s Engineer to be sufficient to pay all out-of-pocket costs (net of any warranty payments) that the Borrower is reasonably likely to incur with respect to any punch-list or other items required to achieve Final Construction Completion (the “Equity Commitment Security Release Date”), (i) DOE shall promptly take all action required to release all Base Equity Commitment Balance Security and Funded Overrun Equity Commitment Balance Security (excluding such reserve), and (ii) DOE shall instruct the Collateral Agent in accordance with the Common Agreement to pay to each applicable Equity Contributor any remaining balance in the Equity Funding Account contributed by it and not otherwise used as Base Equity or Funded Overrun Equity to fund Project Costs. Any excess funds returned to the Equity Contributors from the Equity Funding Account shall be returned in the proportions directed by the Equity Contributors.
AutoNDA by SimpleDocs
Release of Amounts in Equity Funding Account. Upon Project Completion, DOE shall instruct the Collateral Agent in accordance with the Collateral Agency Agreement to pay to the Equity Contributor any remaining balance in the Equity Funding Account not otherwise used to fund Overrun Project Costs.

Related to Release of Amounts in Equity Funding Account

  • Pre-Funding Account On the Closing Date, the Depositor shall deposit in the Pre-Funding Account $0.00 (the “Pre-Funding Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date, if any, upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i) an amount equal to [RESERVED]% of the result of the aggregate Starting Principal Balance of the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date less the Yield Supplement Overcollateralization Amount with respect to such Subsequent Receivables as of the related Cutoff Date and (ii), on behalf of the Depositor, deposit into the Reserve Account a portion of such funds equal to the Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as payment for such Subsequent Receivables. If the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Funding Period, if any, ends, the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account on such Payment Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with Section 8.02(g) of the Indenture.

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

  • Payments from Paying Agent Account The Escrow Agent hereby irrevocably instructs the Paying Agent, and the Paying Agent agrees to act, as follows:

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