Sale Proceeds Account definition

Sale Proceeds Account means a bank account established by the Debtors on or before the Effective Date into which the Purchaser shall deposit the Purchase Price.
Sample 1Sample 2Sample 3
Sale Proceeds Account means a segregated account to which the Debtors will deposit the Sale Proceeds following payment of the DIP Loan, the Revolver Loan and the Term Loan and establishing the Administrative Claims Reserve and whereby the Disbursing Agent shall be authorized to pay all Allowed Claims. Under no circumstances will the Sale Proceeds Account become a Liquidating Trust Asset.
Sample 1Sample 2
Sale Proceeds Account means the account established pursuant to Clause 23.5 (Sale Proceeds Account).
Sample 1Sample 2

Examples of Sale Proceeds Account in a sentence

  • Secured Party shall also have such rights and remedies in respect of such Collateral as are set forth in the Asset Sale Proceeds Account Control Agreement.

  • All amounts and proceeds in the Asset Sale Proceeds Account may, in the discretion of Secured Party during the continuance of an Event of Default, (i) be held by Secured Party as collateral for the Secured Obligations and/or (ii) then or at any time thereafter be applied pursuant to Section 12 hereof.

  • Schedule 5 annexed hereto indicates the institution or intermediary at which the Asset Sale Proceeds Account is held and the account number.

  • Schedule 7 annexed hereto lists all Deposit Accounts and Securities Accounts owned by each Grantor that contain assets exceeding $100,000 in value (including, without limitation, the Asset Sale Proceeds Account) and indicates the institution or intermediary at which each such account is held and the account number.

  • All amounts and proceeds in the Asset Sale Proceeds Account may, during the continuance of an Event of Default, (i) be held by Secured Party as collateral for the Secured Obligations and/or (ii) then or at any time thereafter be applied pursuant to Section 16 hereof.

  • Except as otherwise provided in this Agreement, the Special Purpose Subsidiary shall not engage in any business activity other than entering into the Asset Sale Proceeds Account Agreement and performing all of its obligations thereunder.

  • Immediately upon receipt of Asset Sale Proceeds, the Borrower shall contribute, and shall cause the Parent or the relevant Subsidiary of the Borrower to contribute to the Borrower and the Borrower shall in turn contribute, all such Asset Sale Proceeds to the Special Purpose Subsidiary and, immediately upon receipt thereof, cause the Special Purpose Subsidiary to deposit the amount of such contribution into the Asset Sale Proceeds Account.

  • Except as provided in Section 3.08(b) hereof, in the event of one or more Specified Subsidiary Asset Sales, the Company shall, upon receipt by the Company or the applicable Subsidiary of the Net Cash Proceeds of such Specified Subsidiary Asset Sale, deposit, or cause to be deposited, and thereafter retain, the entire amount of such Net Cash Proceeds into the Specified Subsidiary Asset Sale Proceeds Account.

  • Prior to 10 a.m. on the applicable redemption date, the Issuer shall, to the extent sufficient funds are not already on deposit with the Trustee in the Specified Subsidiary Asset Sale Proceeds Account, deposit with the Trustee or with the Paying Agent U.S. Dollars sufficient to pay the redemption price of and accrued interest on all Notes to be redeemed on that date.

  • Amounts so deposited into the Specified Subsidiary Asset Sale Proceeds Account may not be withdrawn except to effect such redemption as provided herein unless all Notes have been redeemed or otherwise paid in full in cash or discharged in accordance with the provisions of this Indenture.


More Definitions of Sale Proceeds Account

Sale Proceeds Account means the Account within the CP Payment Fund so designated and established by Article III.
Sample 1Sample 2
Sale Proceeds Account means a bank account established by the Debtors on or before
Sample 1
Sale Proceeds Account means, in respect of each Original Ship, an account in the joint names of the Borrowers and the New Owner with the Lender Piraeus designated “Annapolis Shipping Company Limited et al – Sale Proceeds Account”, or any other account (with that or another office of the Lender) which is designated by the Lender as a Sale Proceeds Account for the purposes of this Agreement and, in the plural, means both of them;
Sample 1
Sale Proceeds Account means a deposit account in which Net Proceeds pending investment in accordance withSection 4.10(d)(2) shall be deposited in which the Collateral Agent, for the benefit of the Holders, shall have a senior first priority security interest and held and used solely for the purposes permitted hereunder; provided that the Sale Proceeds Account shall be (i) a segregated account held by the Company and/or any of its Restricted Subsidiaries and (ii) subject to a control agreement that is sufficient in form and substance to perfect the security interest of the Collateral Agent.
Sample 1
Sale Proceeds Account means a deposit account in which Net Proceeds pending investment in accordance with Section 4.10(d)(2) shall be deposited in which the Collateral Agent, for the benefit of the Holders, shall have a senior first priority security interest and held and used solely for the purposes permitted hereunder; provided that the Sale Proceeds Account shall be (i) a segregated account held by the Company and/or any of its Restricted Subsidiaries and (ii) subject to a control agreement that is sufficient in form and substance to perfect the security interest of the Collateral Agent.
Sample 1

Related to Sale 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.

  • Sale Proceeds means the net proceeds from the sale and/or realisation of the Charged Assets (excluding any Charged Assets which comprise cash) by the Realisation Agent in accordance with the Conditions (after deduction therefrom by the Realisation Agent of its usual fees and any costs and expenses incurred in connection with the sale of such Charged Assets). 7. Additional Provisions:

  • Net Sale Proceeds means, with respect to any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale), an amount in cash equal to the gross cash proceeds (including any cash received by way of deferred payment pursuant to a promissory note, receivable or otherwise, but only as and when received) received from such Asset Sale, net of (i) costs of, and expenses associated with, such Asset Sale (including fees and commissions), (ii) any taxes paid or payable as a result of such Asset Sale (including Lead Borrower’s good faith estimate of any incremental income taxes that will be payable as a result of such Asset Sale, including pursuant to tax sharing arrangements or any tax distributions), (iii) payments of unassumed liabilities relating to the assets sold and required payments of any Indebtedness or other obligations (other than the Loans and Indebtedness secured on a pari passu or junior basis to the Loans) which are secured by the assets which were sold or would be in default under the terms thereof as a result of such Asset Sale), (iv) amounts provided as a reserve in accordance with U.S. GAAP against any liabilities under any indemnification obligation or purchase price adjustment associated with such Asset Sale (provided that to the extent and at the time any such amounts are released from such reserve to Lead Borrower or any of its Restricted Subsidiaries, such amounts shall constitute Net Sale Proceeds), (v) cash escrows from the sale price for such Asset Sale (provided that to the extent and at the time any such amounts are released from escrow to Lead Borrower or any of its Restricted Subsidiaries, such amounts shall constitute Net Sale Proceeds) and (vi) to the extent such Asset Sale involves any disposition of Investments made after the First Restatement Effective Date, the permissibility of which was contingent upon the utilization of the Available Amount, the portion of the Available Amount so utilized in connection with such initial Investment.

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

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

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

  • 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 4.10(e) of the Sale and Servicing Agreement.]

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

  • Net Asset Sale Proceeds means, with respect to any Asset Sale, an amount equal to (i) cash payments (including any cash received by way of release from escrow or deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by Holdings, any Borrower or any of the Restricted Subsidiaries from such Asset Sale, minus (ii) any bona fide direct costs incurred in connection with such Asset Sale, including (a) sales, transfer, income, gains or other taxes payable (or estimated in good faith by Holdings to become payable) in connection with such Asset Sale, (b) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than the Loans, any Junior Financing, any Credit Agreement Refinancing Indebtedness or any Second Lien Term Facility Indebtedness) that is secured by a Lien on the Equity Interests or assets in question and that is required to be repaid under the terms thereof as a result of such Asset Sale, (c) a reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (a) above) (x) related to any of the applicable assets and (y) retained by the Borrowers or applicable Restricted Subsidiary, including, without limitation, pension and other post-employment benefit liabilities related to environmental matters or for any indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to purchaser in respect of such Asset Sale undertaken by Holdings, any Borrower or any of the Restricted Subsidiaries in connection with such Asset Sale; provided, upon release of any such reserve, the amount released shall be considered Net Asset Sale Proceeds, (d) the out of pocket expenses, costs and fees incurred with respect to legal, investment banking, brokerage, advisor and accounting and other professional fees, sales commissions and disbursements, survey costs, title insurance premiums and related search and recording charges, in each case actually incurred in connection with such sale or disposition and payable to a Person that is not an Affiliate of Holdings, (e) in the case of any Asset Sale by a non-wholly-owned Restricted Subsidiary, the pro rata portion of the Net Asset Sale Proceeds thereof (calculated without regard to this clause (e)) attributable to minority interests and not available for distribution to or for the account of any Borrower or a wholly-owned Restricted Subsidiary as a result thereof and (f) in the case of any such cash payments received (or subsequently received) by any Foreign Subsidiary, any taxes that would be payable (or estimated in good faith by Holdings to become payable) in connection with the repatriation of such cash proceeds to any Borrower or any Guarantor Subsidiary.

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