PP&E Proceeds Account definition

PP&E Proceeds Account has the meaning assigned to such term in the Security Agreement.
Sample 1Sample 2Sample 3
PP&E Proceeds Account means a segregated and blocked account maintained by an Obligor to hold certain proceeds of Collateral (as contemplated by and for the purposes set forth in this Indenture and subject to the terms of the PP&E Proceeds Account Control Agreement), and which account and the funds contained therein constitute Collateral, together with any replacement or similar account created to serve such purpose.
Sample 1Sample 2Sample 3
PP&E Proceeds Account means a segregated and blocked account maintained by an Obligor to hold certain proceeds of Collateral (as contemplatedto the extent required by and for the purposes set forth in thean Indenture and subject to the terms of the PP&E Proceeds Account Control Agreement), and which account and the funds contained thereinin which constitute Collateral, together with any replacement or similar account created to serve such purpose. Any PP&E Proceeds Account Control Agreement shall be in a form acceptable to the Collateral Trustee in its sole discretion and the Collateral Trustee will not be required to sign any such agreement if any indemnification provisions therein are not acceptable to it in its sole discretion.
Sample 1

Examples of PP&E Proceeds Account in a sentence

  • Each Parity Lien Secured Party, by accepting the benefits of the security provided hereby authorizes (or is deemed to authorize) and instructs (or is deemed to instruct) the Collateral Trustee on behalf of such Person to enter into, and to perform its obligations under, the PP&E Proceeds Account Control Agreement and to enter into any technical amendments, modifications and/or supplements thereto as may from time to time be determined to be reasonably necessary by the Collateral Trustee.

  • The Company shall promptly notify the Collateral Trustee (i) upon creation of the PP&E Proceeds Account and (ii) in the event that the PP&E Proceeds Account is closed for any reason and a successor PP&E Proceeds Account is opened, in each case, specifying the details of such PP&E Proceeds Account.

  • Amounts held in the PP&E Proceeds Account may be used by the Company for any use permitted in this covenant.

  • Neither the Company nor any of its Restricted Subsidiaries shall permit any Lien on the PP&E Proceeds Account other than the Lien held by the Collateral Trustee for the benefit of the holders of the Parity Lien Obligations and any non-consensual Liens arising by operation of law.

  • Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero, all amounts will be released from the PP&E Proceeds Account, and thereafter such funds may be used for any purpose not otherwise prohibited under this Indenture.

  • Notwithstanding the foregoing, the Company and its Restricted Subsidiaries shall not be required to cause any Net Proceeds to be held in the PP&E Proceeds Account except to the extent that the aggregate Net Proceeds from all Asset Sales of Collateral that (x) are not held in the PP&E Proceeds Account and (y) have not previously been applied in accordance with the provisions of the following paragraphs relating to the application of Net Proceeds from Asset Sales, exceed $10.0 million.

  • All amounts on deposit in PP&E Proceeds Account and any replacement or successor account relating thereto shall be subject to the Lien of the Collateral Trustee for the benefit of the Parity Lien Secured Parties.

  • As and when required pursuant to theany Indenture, (i) maintain the PP&E Proceeds Account and any replacement or successor accounts relating thereto in accordance with the terms of theany Indenture and the PP&E Proceeds Account Control Agreement, (ii) deposit all Net Proceeds of Asset Sales involving Collateral in the PP&E Proceeds Account as required by theany Indenture, and cause all amounts deposited into the PP&E Proceeds Account to be applied only in accordance with the terms of theany Indenture.


More Definitions of PP&E Proceeds Account

PP&E Proceeds Account. (as such term is defined in the Security Agreement), (b) one or more accounts exclusively used for payroll, payroll taxes or employee benefits, and (c) other accounts containing not more than $5,000,000 in aggregate amount at any time (collectively, the “Excluded Deposit Accounts”). Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any other Person (other than Agent for the benefit of Secured Parties and under the terms and condition set forth herein) to have control over a Deposit Account or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account (other than an Excluded Account) and, upon Agent’s written request, will amend Schedule 7.4 to reflect same.
Sample 1
PP&E Proceeds Account shall have the meaning specified in the Security Agreement.
Sample 1
PP&E Proceeds Account is defined in the Security Agreement.
Sample 1

Related to PP&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 only 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.

  • Excess Liquidation Proceeds Account The segregated account (or the sub-account of the Distribution Account) created and maintained by the Certificate Administrator on behalf of the Trustee pursuant to Section 3.04(d) for the benefit of the Certificateholders, which shall be entitled “Xxxxx Fargo Bank, National Association [or the name of any successor Certificate Administrator], as Certificate Administrator on behalf of Wilmington Trust, National Association [or name of any successor Trustee], as Trustee, for the benefit of the registered holders of WFRBS Commercial Mortgage Trust 2014-C22, Commercial Mortgage Pass-Through Certificates, Series 2014-C22, Excess Liquidation Proceeds Account”.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Swap Collateral Account means a single, segregated trust account in the name of the Indenture Trustee, which shall be designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.8(e) of the Sale and Servicing Agreement.]

  • Proceeds Account Pledge Agreement means the pledge agreement entered into between the Issuer and the Agent on or prior to the First Issue Date in respect of a first priority pledge over the Proceeds Account and all funds held on the Proceeds Account from time to time, granted in favour of the Agent and the Bondholders (represented by the Agent).

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).

  • Prefunding Account The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06(g) in the name of the Trustee for the benefit of the Certificateholders and designated “U.S. Bank National Association, in trust for registered holders of Home Equity Asset Trust 2004-2, Home Equity Pass-Through Certificates, Series 2004-2. Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.

  • Project Account means the account referred to in Section 3.03 of this Agreement;

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Collateral Account Agreement means the Collateral Account Agreement executed and delivered by Company and Administrative Agent on the Closing Date, substantially in the form of EXHIBIT XXIII annexed hereto, as such Collateral Account Agreement may hereafter be amended, supplemented or otherwise modified from time to time.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Facility LC Collateral Account is defined in Section 2.20.11.

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Revenue Account means the Revenue Account established pursuant to the General Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.