FF&E Proceeds Account definition

FF&E Proceeds Account means the account referenced in Section 2.3.7 of the Disbursement Agreement and established pursuant to the FF&E Collateral Account Agreement.
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Examples of FF&E Proceeds Account in a sentence

  • On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the FF&E Proceeds Account pursuant to the FF&E Collateral Account Agreement.

  • Investment income from Permitted Investments on amounts on deposit in the FF&E Proceeds Account shall be deposited at all times therein until applied to the payment of Project Costs or applied in accordance with Sections 2.9(e) or 2.11, as applicable.

  • There shall be deposited in the FF&E Proceeds Account (a) all funds advanced from time to time by the FF&E Lenders other than the Advance to refinance the purchase of the Aircraft described in the first sentence of Section 2.5.5 and the amounts to be deposited in the Company's Funds Account pursuant to such Section, (b) the amounts set forth in Section 2.9(d).

  • Notwithstanding any other provision hereof, the parties hereto acknowledge that the security interest granted by the Company to the FF&E Agent in the FF&E Proceeds Account (including any Permitted Investments held therein) pursuant to the FF&E Collateral Account Agreement is for the sole and exclusive benefit of the FF&E Agent and the FF&E Lenders and, subject to the terms of the FF&E Intercreditor Agreement, only the FF&E Agent shall have the right to direct the Disbursement Agent with respect thereto.

  • It is a condition precedent to the making of the Loans by the FF&E Lenders that Pledgor shall have established the FF&E Proceeds Account, granted control to the Collateral Agent (as Secured Party) of such accounts, and undertaken the obligations contemplated by this Agreement.

  • The Disbursement Agent shall cause investment income from Permitted Investments on amounts on deposit in the FF&E Proceeds Account to be deposited at all times therein until applied to the payment of Project Costs or applied in accordance with Sections 2.9(e) or 2.11, as applicable.

  • In the event the Collateral Agent shall receive any remaining funds on deposit in the FF&E Proceeds Account (as defined in the Disbursement Agreement) pursuant to Section 2.9(e) of the Disbursement Agreement, the Collateral Agent shall, on behalf of the Borrower, prepay, to the extent of such remaining funds, the Loans which comprise such remaining funds, together with all accrued and unpaid Interest thereon.

  • The deposit of funds into the FF&E Proceeds Account shall not create, vest in, or give the Company any rights to such funds, and the Company shall have no right to draw, obtain the release or otherwise use such funds until (x) the requirements of Section 2.4 have been satisfied and (y) the conditions set forth in Sections 3.1, 3.2 or 3.3, as the case may be, have been satisfied or waived in accordance with the terms hereof.

  • Subject to the terms of this Agreement, the FF&E Secured Obligations shall be secured by a first priority lien on and security interest in the (a) FF&E Proceeds Account Collateral, (b) the Aircraft Collateral and (c) the FF&E Component Collateral.

  • Each of the Collateral Agent and the Lenders shall have received evidence reasonably satisfactory to the Lenders and their counsel, that, upon application of the proceeds of the sale of the existing Aircraft and the proceeds of the Replacement Aircraft Advance from the FF&E Proceeds Account toward the purchase of the Replacement Aircraft, the Aircraft Trustee shall have good and marketable title to the Replacement Aircraft, free and clear of any liens, including, without limitation, a ▇▇▇▇ of sale.

Related to FF&E Proceeds Account

  • Proceeds Account means a bank account of the Issuer, into which the Net Proceeds from the Initial Bond Issue will be transferred and which has been pledged in favour of the Agent and the Bondholders (represented by the Agent) under the Proceeds Account Pledge Agreement.

  • Asset Sale Proceeds Account means one or more deposit accounts or securities accounts holding the proceeds of any sale or disposition of any Notes Collateral.

  • Loss Proceeds Account has the meaning set forth in Section 3.3(a).

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

  • Insurance Proceeds Account has the meaning given to such term in the Accounts Agreement.