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

  • 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.

  • Within forty-five (45) days of receipt of any Project Proceeds, the Authority shall complete and forward to DCCD a completed Project Proceeds Account Report in the form attached hereto as Exhibit F, and shall remit to DCCD any net Project Proceeds received by the Authority which have been deposited in the Project Proceeds Account.

  • 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.

  • The Authority may retain any interest earned on the Project Proceeds while the Project Proceeds remain in the Project Proceeds Account.

  • 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.

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

  • The Project Proceeds Account and the Subaccounts thereof shall be held and administered by the Security Trustee in accordance with this Agreement and in the case of the Bond Proceeds (Project Costs) Subaccount, and the Bond Proceeds (Costs of Issuance) Subaccount, the Tax Regulatory Agreement and shall form part of the Collateral, subject to Section 5.06.

  • If the amount on deposit in the Rebate Account at any time is greater than the amount required under the Tax Regulatory Agreement, the excess shall be transferred to the Project Revenue Subaccount of the Project Proceeds Account.

  • There shall be deposited into the Equity Lock-up Account, (i) moneys from the Project Proceeds Account in accordance with Section 4.03(d)(xxiii)(B) if at such time the Restricted Payment Conditions have not been met and (ii) moneys from the Sinking Fund Account in accordance with Section 4.20(c)(ii) if the conditions set out therein are met on any Calculation Date.

  • The Security Trustee shall credit such amount to the Project Revenue Subaccount of the Project Proceeds Account until such time as the Security Trustee receives instructions from the Concessionaire in accordance herewith stating that such amount should be credited to another Project Account in accordance with the Funding Documents, in which case the Security Trustee shall credit such amount to the Project Account designated by the Concessionaire.

Related to Project Proceeds Account

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

  • 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.

  • 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.

  • Project Account means the account referred to in Section 3.04 (a) of this 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.

  • 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”.

  • Subject Proceeds has the meaning assigned to such term in Section 2.11(b)(ii).

  • Project Accounts means accounts referred to in and required to be established under the Senior Funding Agreements;

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

  • Project Funds means all moneys disbursed to the Recipient by the State Water Board for eligible Project Costs pursuant to this Agreement.

  • Construction Fund means an account specifically identified in the Indenture to hold funds which are currently available for expenditure to acquire or construct public facilities eligible under the Act.

  • Project Fund means the fund required to be established by this Resolution for the deposit of the proceeds of the Bonds.

  • Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower, any Parent Guarantor or any of their respective Subsidiaries in connection therewith, but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first-priority Lien permitted by Section 7.2.3 on the property which is the subject of such Casualty Event.

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

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

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

  • 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 Benchmark 2019-B12 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B12, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Loan Proceeds means all amounts advanced as part of the Loan, whether advanced directly to Borrower or otherwise.

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first priority Lien permitted by clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • Completion Accounts means the consolidated balance sheet of the Group as at the Completion Date to be prepared in accordance with Schedule 8 (Completion Accounts);

  • Facility LC Collateral Account is defined in Section 2.20.11.

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

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

  • Collateral Proceeds means the Liquidation Proceeds of the Relevant Collateral or any Undeliverable Assets forming part of the Relevant Collateral (as the case may be) denominated in the Settlement Currency.