Common use of Bank Proceeds Account Clause in Contracts

Bank Proceeds Account. On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Bank Proceeds Account pursuant to the Bank Company Collateral Account Agreement. There shall be deposited in the Bank Proceeds Account (a) as provided in Section 2.3.3, all amounts deposited by the Bank Lenders in the Disbursement Account (or transferred to the Disbursement Account from the Bank Proceeds Account) which are not withdrawn therefrom pursuant to Section 2.6 on or before the next Banking Day after the day on which they were deposited, (b) amounts intended to cover Company payroll in accordance with Section 2.6.3, (c) investment income from Permitted Investments on amounts on deposit in the Disbursement Account to the extent arising from funds withdrawn from the Bank Proceeds Account, and (d) the amounts set forth in Section 2.9(d) . Subject to the provisions of Section 10.2 and the Bank Company Collateral Account Agreement, amounts on deposit in the Bank Proceeds Account shall, from time to time be transferred by the Disbursement Agent (i) to the Disbursement Account in accordance with Section 2.3.3 for application to pay Project Costs in accordance with Sections 2.4.4(a) and 2.5.3, (ii) to the Soft Costs Cash Management Account to pay Company payroll anticipated to become due and payable during the next seven (7) days in accordance with Section 2.6.3, and (iii) on the earlier to occur of (A) the Final Completion Date and (B) the expiration the six-month period commencing on the Completion Date, be applied by the Disbursement Agent as provided in Sections 2.9(e) or 2.11, as applicable. The Disbursement Agent shall cause investment income from Permitted Investments in amounts on deposit in the Bank Proceeds Account to be deposited at all times therein until applied to the payment of Project Costs or in accordance with Sections 2.9(e) or 2.11, as applicable.

Bank Proceeds Account. On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Bank Proceeds Account pursuant to the Bank Company Collateral Account Agreement. There shall be deposited in the Bank Proceeds Account (a) as provided in Section 2.3.3, all amounts deposited by the Bank Lenders in the Disbursement Collection Account (or transferred to the Disbursement Collection Account from the Bank Proceeds Account) which (i) are not withdrawn therefrom pursuant transferred to Section 2.6 the Disbursement Account on or before the next Banking Day after same day such funds were deposited in the Collection Account, (ii) are transferred to the Disbursement Account on the day on which they were deposited, deposited but are later returned to the Collection Account or (biii) amounts are intended to cover Company payroll in accordance with Section 2.6.3, (cb) investment income from Permitted Investments on amounts on deposit in the Collection Account or the Disbursement Account to the extent arising from funds advanced by the Bank Lenders or withdrawn from the Bank Proceeds Account, and (dc) the amounts set forth in Section 2.9(d) ). Subject to the provisions of Section 10.2 and the Bank Company Collateral Account Agreement, amounts on deposit in the Bank Proceeds Account shall, from time to time be transferred by the Disbursement Agent (i) to the Disbursement Collection Account in accordance with Section 2.3.3 and thereafter to the Disbursement Account for application to pay Project Costs in accordance with Sections 2.4.4(a) and 2.5.3, (ii) to the Soft Costs Cash Management Sub-Account to pay Company payroll anticipated to become due and payable during the next seven (7) days in accordance with Section 2.6.3, and (iii) on the earlier to occur of (A) the Final Completion Date and (B) the expiration the six-month period commencing on the Completion Date, be applied by the Disbursement Agent as provided in Sections 2.9(e) or 2.11, as applicable. The Disbursement Agent shall cause investment Investment income from Permitted Investments in amounts on deposit in the Bank Proceeds Account to shall be deposited at all times therein until applied to the payment of Project Costs or in accordance with Sections 2.9(e) or 2.11, as applicable.

Bank Proceeds Account. On or prior to the Closing Effective Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Bank Proceeds Account pursuant to (and subject to the provisions of) the Bank Company Collateral Account Agreement. There shall be deposited in the Bank Proceeds Account (a) as provided in Section 2.3.3, all amounts deposited the funds advanced from time to time by the Bank Lenders in accordance with Sections 2.1.A and 2.1.B of the Disbursement Bank Credit Agreement under the Term Loan Facilities to pay a portion of the Project Costs for the Phase II Hotel/Casino, including the amounts which may be borrowed on the “Term A Loan Commitment Termination Date” and the “Term B Delayed Draw Loan Commitment Termination Date” (as each such term is defined in the Bank Credit Agreement) pursuant to the second to last paragraph of Section 2.1.B of the Bank Credit Agreement, (b) the funds transferred from the “Holding Account” pursuant to the “Holding Account Agreement” (or transferred as each such term is defined in the Bank Credit Agreement), (c) the funds which are advanced by the Bank Lenders to the Disbursement Account or which are transferred from the Bank Proceeds Account) which Account to the Disbursement Account but, in each case, are not withdrawn therefrom pursuant to Section 2.6 on or before used by the next Banking Day after day following the day on which they were deposited, (b) amounts intended to cover Company payroll are deposited in accordance with Section 2.6.3, (c) investment income from Permitted Investments on amounts on deposit in the Disbursement Account to the extent arising from funds withdrawn from the Bank Proceeds Account, 2.3.5 and (d) the amounts set forth proceeds of draws under the FF&E Financings to the extent, if any, such draws relate to FF&E Component items the purchase of which was financed, in whole or in part, by withdrawing funds from the Bank Proceeds Account in accordance with Section 2.9(d) 2.3.3(c). Subject to the provisions of Section 10.2 and the Bank Company Collateral Account Agreement, amounts on deposit in the Bank Proceeds Account shall, from time to time time, be transferred by the Disbursement Agent (i) to the Disbursement Account in accordance with Section 2.3.3 for application to pay Project Costs in accordance with Sections 2.4.4(a) and 2.5.3, (ii) to the Soft Costs Cash Management Account to pay Company payroll anticipated to become due and payable during the next seven (7) days in accordance with Section 2.6.3, and (iii) on the earlier to occur of (A) 2.4.3(a). On the Final Completion Date and (B) the expiration the six-month period commencing on the Completion Date, funds remaining in the Bank Proceeds Account shall be applied by the Disbursement Agent as provided in Sections 2.9(e) or 2.11, as applicableSection 2.10. The Disbursement Agent shall cause investment Investment income from Permitted Investments in amounts on deposit in the Bank Proceeds Account to shall be deposited at all times therein until applied to the payment of Project Costs or application in accordance with Sections 2.9(e) Section 2.10. In no event whatsoever shall the Phase II Mall Borrowers have any rights in the Bank Proceeds Account or 2.11, as applicableto amounts deposited therein.

Bank Proceeds Account. On or prior to the Closing Date, there the Bank Proceeds Account shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Bank Proceeds Account pursuant to the Bank Company Collateral Account Agreement. There shall be deposited in the Bank Proceeds Account (a) as provided in Section 2.3.3, all amounts deposited by the Bank Lenders in the Disbursement Account (or transferred to the Disbursement Account from the Bank Proceeds Account) which are not withdrawn therefrom pursuant to Section 2.6 on or before the next Banking Day after the day on which they were deposited, (b) amounts intended to cover Company payroll in accordance with Section 2.6.32.5.3, (c) "Term Loans" funded from time to time by the Bank Lenders pursuant to Section 2.5(c) of the Bank Credit Agreement; and (d) investment income from Permitted Investments on amounts on deposit in the Disbursement Account pursuant to the extent arising from funds withdrawn from the Bank Proceeds Account, and (d) the amounts set forth in last sentence of Section 2.9(d) 2.2.3. Subject to the provisions of Section 10.2 and the Bank Company Collateral Account AgreementAgreements, amounts on deposit in the Bank Proceeds Account shall, shall from time to time be transferred by the Disbursement Agent (i) to the Disbursement Account for application in accordance with the provisions of this Agreement. Upon receipt of a written request from the Company on or within one (1) Banking Day after the Phase II Revolving Commitment Sunset Date (if the Phase II Approval Date shall have not occurred), the Disbursement Agent shall release any proceeds of "Term Loans" funded under Section 2.3.3 2.5(c) of the Bank Credit Agreement then on deposit in the Bank Proceeds Account to the Bank Agent for application to pay Project Costs in accordance with Sections 2.4.4(athe repayment of "Term Loans" pursuant to Section 2.12(e) and 2.5.3, (ii) to of the Soft Costs Cash Management Account to pay Company payroll anticipated to become due and payable during the next seven (7) days in accordance with Section 2.6.3, and (iii) on the earlier to occur of (A) the Final Completion Date and (B) the expiration the six-month period commencing on the Completion Date, be applied by the Disbursement Agent as provided in Sections 2.9(e) or 2.11, as applicableBank Credit Agreement. The Disbursement Agent shall cause investment income from Permitted Investments in amounts on deposit in the Bank Proceeds Account to be deposited at all times therein until applied to the payment of Project Costs or as provided in accordance with Sections 2.9(e) or 2.11, as applicablethis Agreement.