Notes Proceeds Account definition
Examples of Notes 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 Second Mortgage Notes Proceeds Account pursuant to the Second Mortgage Notes Company Collateral Account Agreement.
Prior to the initial disbursement of funds from the Second Mortgage Notes Proceeds Account pursuant to Section 2.5.2 and Section 3.3, the obligation of the Disbursement Agent to make Advances hereunder from the Company's Funds Account is subject to the prior satisfaction of each of the conditions precedent set forth in Sections 3.3.1, 3.3.2, 3.3.3, 3.3.5, 3.3.6, 3.3.7, 3.3.9, 3.3.10, 3.3.11, 3.3.12, 3.3.14, 3.3.16 and 3.
The failure, from time to time from and after the initial Advance of funds from the Second Mortgage Notes Proceeds Account, of the Project to be In Balance and such failure shall continue for thirty (30) days without being cured.
In the event of any transfer of funds to the Mortgage Notes Proceeds Account pursuant to any provision of Section 3, Pledgor, Secured Party, as the case may be, shall promptly after initiating or sending out written instructions with respect to such transfer, give notice to the other such party by facsimile of the date and amount of such transfer.
The Mortgage Notes Proceeds Account shall be operated, and all Investments shall be acquired and registered or held (as applicable), in accordance with the terms of this Agreement.
Without limiting the generality of the foregoing, the Notes Collateral Agent hereby agrees that if any Notes Proceeds Account contains any proceeds of the Revolving Priority Collateral, it shall hold such proceeds in trust for the Revolving Claimholders and transfer such proceeds to the Revolving Claimholders in accordance with Section 4.2 reasonably promptly after obtaining actual knowledge or notice from a Revolving Claimholder that it has possession of such proceeds.
Investment income from Permitted Investments on amounts on deposit in the Second Mortgage Notes Proceeds Account shall be deposited at all times therein until applied to the payment of Project Costs or applied in accordance with Section 2.11.
Any distribution of property other than cash in respect of any Investment shall be credited to, and held for the credit of, the Mortgage Notes Proceeds Account.
As used in this Agreement, "Termination Date" shall mean that date, occurring on and after the Commencement Date, which is one Business Day after the date upon which all of the amounts on deposit in the Subordinated Notes Proceeds Account have been applied as required by Section 3.01(a).
Any interest, cash dividends or other cash distributions received in respect of any Investments and the net proceeds of any sale or payment of any Investments shall be promptly credited to, and held for the credit of, the Mortgage Notes Proceeds Account.