Examples of Extraordinary Proceeds Account in a sentence
Until the Security Discharge Date, the Borrower shall cause (i) all proceeds of asset disposals (other than proceeds from the sale of Products) that will not be used for replacement in accordance with Section 7.02(f)(i) (Negative Covenants — Asset Dispositions) of the Credit Agreement and (ii) all Project Document Termination Payments to be deposited into the Extraordinary Proceeds Account.
Upon receipt of such written notification from the Lender, the Accounts Bank shall cause funds held in the Insurance, Condemnation and Extraordinary Proceeds Account to be applied pursuant to the instructions set forth in such written notification.
All proceeds of any disposition of such assets pursuant to clauses (c) and (d) above shall be applied to the prepayment of Loans to the extent required under Section 2.07(a) and shall be deposited into the Extraordinary Proceeds Account pursuant to the Deposit Account Agreement.
The Borrower shall not make, direct, or request the Accounts Bank to make, any withdrawals from the Insurance, Condemnation and Extraordinary Proceeds Account except as permitted by this Section 4.6 and provided that no Notice of Suspension has been delivered that has not been withdrawn and no Event of Default has occurred and is continuing or would occur as a result of such transfer or withdrawal.
Solely until all amounts required to be paid under the EPC Contract are paid, the Company shall maintain a construction account (the “Construction Account”) separate from each of the Operating Account, the Incentive Account and the Extraordinary Proceeds Account.