Project Proceeds Account definition

Project Proceeds Account means a deposit account (as defined in Article 9 of the UCC) of the Borrower established and maintained at the Depositary Bank, which shall be established on or prior to the Account Establishment Date and shall at all times thereafter be subject to a Blocked Account Control Agreement.
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Project Proceeds Account means a separate interest-bearing account established by the Authority which shall be funded by any Project Proceeds received in connection with the Project, pursuant to Section 4.2(b) of this Agreement;
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Examples of Project Proceeds Account in a sentence

  • On or prior to the Account Establishment Date, the Borrower shall open and establish the Project Proceeds Account at the Depositary Bank.

  • The Committee will determine the pro-rata portion of the Performance Shares to be paid out under the following formula: Total number of Performance Shares multiplied by (Number of days of service following Grant Date divided by number of days between Grant Date and Payout Date).

  • Subject to compliance with the foregoing, a Party’s obligations hereunder will be postponed for such time as its performance is suspended or delayed on account of the Interruption Event and, upon the cessation of the Interruption Event, such Party will use commercially reasonable efforts to resume promptly its performance hereunder.

  • Following the opening and establishment of the Project Proceeds Account, the Borrower shall at all times thereafter maintain the Project Proceeds Account and cause the Project Proceeds Account to be subject to a Blocked Account Control Agreement.

  • Any Project Proceeds resulting from a payment stream (such as loan payments on the Building Construction Loan) shall be deposited by the Authority in the Project Proceeds Account.

  • Any failure to maintain Project Proceeds in the Project Proceeds Account as prescribed herein, or failure by the Authority to complete and deliver the Project Proceeds Account Report to DCCD with the Project Proceeds shall constitute an Event of Default under this Agreement.

  • There shall be deposited into the HPTE Cash Flow Sharing Account moneys transferred from the Project Proceeds Account pursuant to Section 4.03(d)(xxiii)(A)(2).

  • At such time as no Timeshare Proceeds Sweep Period shall exist, any Timeshare Project Proceeds held in the Timeshare Project Proceeds Account shall be released to Borrower for its own account and may be distributed to Borrower’s owners.

  • There shall be deposited into the TIFIA Phase 1 Revenue Share Account moneys transferred from the Project Proceeds Account to the TIFIA Phase 1 Revenue Share Account pursuant to Section 4.03(d)(xxi).

  • There shall be deposited into the Cash Interest Subordinated Loan Prepayment Account moneys from the Project Proceeds Account in accordance with Section 4.03(d)(xxiii)(A)(3)(ii).