Common use of Government Grant Proceeds Account Clause in Contracts

Government Grant Proceeds Account. The Borrower and the Security Agent have established with the Securities Intermediary an account entitled the “Stetson Government Grant Proceeds Account” (account number 0000000) (the “Government Grant Proceeds Account”). All proceeds of any Government Grant paid or payable to or for the account of the Borrower or any Project Company or otherwise received by any Affiliate of the Borrower in connection with the Stetson II Project shall be deposited in the Government Grant Proceeds Account. The funds deposited in the Government Grant Proceeds Account shall be promptly applied (A) to the prepayment of all outstanding Bridge Loans, including all accrued interest and any other fees and costs payable in connection therewith, and (B) to the extent of any remainder, to the Revenue Account to be applied pursuant to Section 6(b).