Revenue Account. The Borrower and the Security Agent have established with the Securities Intermediary an account entitled the “Stetson Revenue Account” (account number 0000000) (the “Revenue Account”). Except as otherwise set forth in this Agreement, the Borrower shall (and the Borrower shall cause each Project Company to) deposit in the Revenue Account all cash amounts held by or paid to the Borrower (and each Project Company), including without limitation, (i) any and all distributions and other payments to which the Borrower is entitled under the Borrower LLC Agreement, (ii) all Project Revenues paid to the Borrower or any Project Company under any Project Documents or otherwise, (iii) all proceeds of any equity contribution funded by all Affiliated Participants, (iv) all proceeds of any business interruption insurance received by the Borrower or any Project Company or otherwise in respect of the Projects, and (v) transfers from other Collateral Accounts in accordance with this Section 6; provided, however, that (x) all Government Grant proceeds received from the Governmental Authority shall be deposited in the Government Grant Proceeds Account pursuant to Section 6(g), (y) all proceeds of insurance (other than proceeds of business interruption insurance) shall be deposited in the Loss Proceeds Account pursuant to Section 6(f), and (z) all proceeds paid to the Borrower or any Project Company related to the Permitted Transmission Line Transfer shall be deposited in the Gen Lead Account pursuant to Section 6(j). So long as no Event of Default has occurred and is continuing or will occur upon giving effect to the application described below, funds in the Revenue Account shall be applied by internal account transfer by the Securities Intermediary at the direction of the Security Agent and the Borrower, in each case at the following times and in the following order of priority:
Revenue Account. The Borrower and each other Loan Party acknowledges and confirms that, on or before the Effective Date and pursuant to the terms of this Agreement, Timberlands II has established and will maintain one or more accounts or InvestLine Related Loan Party Subaccounts at one or more Account Bank for the benefit of the Administrative Agent, as first priority secured party for the benefit of the Lender Parties, to serve as the “Revenue Account” (said account or accounts and any account or accounts replacing the same in accordance with this Agreement, collectively, the “Revenue Account”). Timberlands II shall cause and direct all amounts that are payable to it under the Master Stumpage Agreement from the harvesting of Timber to the Revenue Account. CatchMark TRS Subsidiary shall pay or credit directly into the Revenue Account, as and when due, all amounts owing by it to Timberlands II pursuant to the Master Stumpage Agreement. Each of the Borrower, CatchMark TRS Subsidiary and each other Loan Party acknowledges and confirms that, pursuant to the terms of this Agreement and the Master Stumpage Agreement, each of Timberlands II and CatchMark TRS Subsidiary and the other Loan Parties has and will give proper notice of the Revenue Account to the parties to the Master Stumpage Agreement.
Revenue Account. (a) The Borrower shall establish and maintain with Malayan Banking Berhad at all times the Revenue Account, which shall be in the name of the Borrower.
(b) At all times after the first Utilisation Date, the Borrower shall ensure the payment into the Revenue Account of all cash amounts received by the Borrower other than:
(i) the proceeds of any sale, lease, transfer or other disposal under paragraph (b) of the definition of Permitted Disposals; or
(ii) the proceeds of any Financial Indebtedness incurred by the Borrower that comes under paragraph (b) of the definition of Permitted Financial Indebtedness.
(c) The Borrower shall withdraw such amounts from the Revenue Account and apply such amounts towards the mandatory prepayments required pursuant to Clause 7.2 (Mandatory prepayment — Redemption), Clause 7.3 (Mandatory prepayment — Sale Proceeds), Clause 7.4 (Mandatory prepayment — Funding Source), and Clause 7.5 (Mandatory prepayment - Receipts).
(d) Save as expressly permitted in paragraph (c) above, the Borrower shall not withdraw any funds from the Revenue Account provided that, after moneys are paid into the Revenue Account in accordance with paragraph (b) above, the Borrower may withdraw amounts from the Revenue Account solely for application towards the following items (and in the following order and only if the stipulated conditions are satisfied):
(i) first, in or towards payment to the Lender for application of any unpaid fees, costs and expenses of the Lender under the Transaction Documents in accordance with this Agreement (which, for the avoidance of doubt, shall not include the Upfront Fee);
(ii) second, in or towards payment to the Lender for application of any interest and principal due but unpaid under the Facility, in accordance with this Agreement;
(iii) third, in or towards payment of any and all payments then due but unpaid to the Hedge Counterparty under or in respect of the Permitted Hedging Agreements (if any);
(iv) fourth, on each Quarter Date falling after the Closing Date:
(A) 65 per cent. of the moneys remaining in the Revenue Account shall be applied towards prepayment of the Loan in the manner set out in Clause 7.7 (Application of Proceeds); and
(B) 35 per cent. of the moneys remaining in the Revenue Account (the “Excess Cash”) may, subject to satisfaction of the conditions set out in Clause 19.25 (Dividends), be used by the Borrower to declare or pay dividends or make distributions to its shareholders.
(e) The Borrower shall no...
Revenue Account. (a) The Company shall cause the following amounts to be deposited into the Revenue Account directly, or if received by the Company, as soon as practicable upon receipt, in either case in accordance with this Section 3.01(a):
(i) all Project Revenues; and
(ii) all amounts required to be transferred to the Revenue Account from any other Collateral Account as contemplated in accordance with this Agreement. If any of the foregoing amounts required to be deposited with the Depositary in accordance with the terms of this Agreement are received by the Company (or any Affiliate of the Company), the Company shall (or shall cause any such Affiliate to) hold such payments in trust for the Depositary and shall promptly remit such payments to the Depositary for deposit into the Revenue Account, in the form received, with any necessary endorsements.
(b) In the event the Depositary receives monies without adequate instruction with respect to the proper Collateral Account into which such monies are to be deposited, the Depositary shall deposit such monies into the Revenue Account and segregate such monies from all other amounts on deposit in the Revenue Account and notify the Company of the receipt of such monies. Upon receipt of written instructions from the Company, so long as no Default or Event of Default shall have occurred and is continuing, the Depositary shall transfer such monies from the Revenue Account to the Collateral Account specified by such instructions.
(c) The Company hereby irrevocably authorizes the Depositary to make withdrawals and transfers of monies on each date specified in Sections 3.01(c) below on which monies need to be applied (the “Transfer Date”) (via wire transfer or by internal transfer between Collateral Accounts, if applicable) to the extent then available in the Revenue Account and not segregated in a separate sub-account thereof or otherwise for any specific purpose, upon the receipt of a Withdrawal Certificate of the Company by the Depositary three (3) Business Days prior to the Transfer Date, setting forth the amounts to be withdrawn from the Revenue Account and the amounts to be transferred pursuant to this Section 3.01(c) pursuant to the terms of this Agreement in the following order of priority, all in accordance with such Withdrawal Certificate:
(1) First, on each Funding Date, to the Operating Account, the following amounts as set forth in the Withdrawal Certificate delivered at least three (3) Business Days prior to such Fundin...
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...
Revenue Account. (a) Subject to Section 4.14, on each --------------- Monthly Transfer Date the Collateral Agent shall transfer, from the funds on deposit in the Revenue Account, the following amounts in the following order of priority: first, to the Operating Account, the amount certified in such ----- Request Letter to be 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; second, to the Collateral Agent and each Secured Parties' ------ Representative, 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 the Collateral Agent and such Secured Parties' Representative in respect of their respective services in such capacities; third, (i) into each Accrued Interest Account, the Accrued ----- Interest Amount calculated for such Accrued Interest Account, together with the amount of all deficiencies, if any, with respect to deposits of Accrued Interest Amounts required in all prior months, as certified in such Request Letter, (ii) into each Principal Account (other than (A) the Loan Principal Account and any other Principal Account established in respect of non- amortizing Senior Debt, (B) any DSR Letter of Credit Indebtedness Principal Account, (C) any Ordinary Course Letter of Credit Indebtedness Principal Account and (D) any Swap Indebtedness Termination Payment Account), an amount equal to 1/6th of the principal amount, if any, which is payable on or within six months following such Monthly Transfer Date on account of the Senior Debt with respect to which such Principal Account was established, together with the amount of all deficiencies, if any, with respect to deposits of principal required in all prior months, as certified in such Request Letter, (iii) into each Ordinary Course Letter of Credit Indebtedness Principal Account, the amount certified in such Request Letter to be sufficient to repay in full the related Ordinary Course Letter of Credit Indebtedness then outstanding, and (iv) to the Administrative Agent, the amount specified in the Request Letter to be applied to the repayment of Revolving Loans; fourth, into each DSR Letter of Credit Indebtedness Principal ------ Account, the amount certified in such Request Letter to be sufficient to repay in full the related DSR Le...
Revenue Account. Subject to Sections 8.2(a) and 8.2(b), the Company shall deposit into the Revenue Account all Project Revenues of the Company and its Subsidiaries received after the Conversion Date.
Revenue Account. After the Conversion Date:
Revenue Account withdrawals
8.3.1 to pay the proper and reasonable operating expenses (including costs of insuring, repairing and maintaining the Vessel) of the Vessel, including amounts properly due to the Manager under the Management Agreement, the Supervisors under the Supervision Agreement and Mitsui under the Corporate Management Agreement, the proper and reasonable expenses of administering the affairs of the Borrower and the Taxes of the Borrower;
8.3.2 to transfer to the Dry Docking Reserve Account, first time three (3) months after the Delivery Date and at three (3) Monthly intervals thereafter up to and including the date upon which the Vessel completes each such scheduled dry docking, an amount equal to 1/ 20 of the total Dry Docking Reserve Account Payments in respect of such next scheduled dry docking;
8.3.3 to transfer to the Retention Account on the next following Retention Date all or part of the Retention Amount for such Retention Date;
8.3.4 to pay any other amounts payable under the Security Documents (including payments to the Swap Providers under any of the Swap Agreements and in case of partial payments the Swap Providers will be paid pro-rata);
8.3.5 to transfer to the Debt Service Reserve Account all or part of the DSRA Amount if any remains unpaid; and
8.3.6 to transfer any surplus to the Distribution Account unless at any relevant time a Dividend Restriction Event has occurred which is continuing unremedied or unwaived in which case any surplus shall be transferred to the Dividend Lock-Up Account, Provided that where such Dividend Restriction Event has ceased to be continuing and in circumstances where there is no Potential Event of Default or Event of Default which is continuing unremedied or unwaived such surplus may be transferred from the Dividend Lock-Up Account to the Distribution Account.
Revenue Account. Subject to Section 8.2, the Company shall deposit, and shall direct others (including all of its Subsidiaries) to pay or deposit, all Project Revenues directly into the Revenue Account as required by Article VIII.
