Proceeds Collateral Account definition

Proceeds Collateral Account means a Deposit Account in which the Net Proceeds of Term Priority Collateral in respect of any Prepayment Event described in clause (a) or (b) of the definition of the term “Prepayment Event” are deposited by Parent or any Restricted Subsidiary to be held pending release as contemplated by Section 2.09(b) for reinvestment or prepayment, and which has no other funds contained therein (other than interest on any such proceeds) and is subject to a Control Agreement in favor of the Administrative Agent.

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Proceeds Collateral Account shall have the meaning set forth in the Credit Agreement.

Proceeds Collateral Account means the account of Vonage America subject to an Account Control Agreement maintained with JPMorgan Chase Bank, N.A. bearing account number 2908462811 (or such other financial institution and/or account number as the Controlling Agent may reasonably agree for this purpose) into which, among other things, the proceeds of the Loans, the First Lien Loans and the Convertible Third Lien Notes shall be deposited on the Funding Date to the extent required by Section 2.4.

Examples of Proceeds Collateral Account in a sentence

It is agreed and acknowledged that the Holder is granting a security interest in this Note and the rights hereunder (including the Tier I Proceeds Collateral Account) to the Note Collateral Agent for the benefit of the Secured Parties to secure the obligations of the Holder under the Secured Notes Indenture and the Secured Notes.
Such redemption shall be (i) accompanied by a payment of all regularly scheduled interest accrued and unpaid due on this Note to, but not including, the applicable Secured Notes Redemption Date, (ii) applied to principal on this Note on the Secured Notes Redemption Date arising as a result of the redemption of this Note, and (iii) funded in immediately available funds directly into the Ambac Note Proceeds Collateral Account.
Nothing in this Section 2.11(a) shall prevent the Collateral Agent from applying at any time all or any part of the Net Proceeds held in the Proceeds Collateral Account to (A) the curing of any Event of Default or (B) the payment of any of the Term Loans or other Obligations after the occurrence and during the continuance of an Event of Default.
No third party shall have any rights in or claims to the Proceeds Collateral Account, except (i) Permitted Depository Claims or (ii) pursuant to the Intercreditor Agreement as provided therein.
All AAC Note Proceeds shall be credited to the Principal Proceeds Collateral Account.

More Definitions of Proceeds Collateral Account

Proceeds Collateral Account as defined in Section 8.6.2(a).

Proceeds Collateral Account has the meaning set forth in the Term Credit Agreement as in effect on the date hereof (or any equivalent account into which solely proceeds of disposition of Term Priority Collateral are held or required to be held).

Proceeds Collateral Account means a Deposit Account in which the Net Proceeds in respect of any Prepayment Event described in clause (a) or (b) of the definition of the term “Prepayment Event” are deposited by the Company or any Subsidiary to be held pending release as contemplated by Section 2.09(b) for reinvestment or prepayment, and which has no other funds contained therein (other than interest on any such proceeds) and is subject to a Control Agreement in favor of the Administrative Agent.

Proceeds Collateral Account shall have the meaning set forth in the Note Purchase Agreement.

Proceeds Collateral Account the collateral account established pursuant to Section 7.1 of the Amended and Restated Guarantee and Collateral Agreement.

Proceeds Collateral Account shall have the meaning assigned to such term in Section 10.06.

Proceeds Collateral Account one or more segregated accounts that is under the sole control of the Collateral Agent and is free from all other Liens (other than Liens permitted to be incurred under clauses (30) and (31) under the definition of “Permitted Liens” in the Credit Agreement as in effect on the date hereof and Liens securing Bank Obligations, Pari Passu Obligations and Junior Lien Indebtedness).