Examples of Net Cash Proceeds Account in a sentence
The funds from time to time on deposit in the Net Cash Proceeds Account may be disbursed from such account only for the purposes and in the manner provided for in the Intercreditor Agreement, the Security Agreement, the Bank Credit Facilities and this Indenture.
All Cash or Cash Equivalents received by the Company or its Subsidiaries as Net Cash Proceeds from any Asset Sale or as Insurance and Condemnation Proceeds shall be deposited in the Net Cash Proceeds Account, in which account there shall be, subject to the lien priority provisions set forth in the Intercreditor Agreement, the Security Documents and Section 4.6, a perfected security interest in favor of the Collateral Agent for the benefit of the Secured Creditors.
All Cash received by the Company or its subsidiaries as Net Cash Proceeds from an Asset Sale or as Insurance Proceeds shall be deposited in the Net Cash Proceeds Account, in which account there shall be, subject to the lien subordination provisions set forth in the Intercreditor Agreement, the Collateral Documents and Section 4.6, a perfected security interest in favor of the Collateral Agent for the benefit of the Secured Creditors.
As long as no Default or Event of Default exists, the funds from time to time on deposit in the Net Cash Proceeds Account may, subject to the requirement of the immediately succeeding sentence, be disbursed from such account for general corporate purposes and to replace, restore, repair or rebuild the respective Collateral.
At any time in its discretion within 180 days of deposit into the Modifications and Improvements Account, the Borrower may also elect to transfer amounts so deposited in the Modifications and Improvements Account (and not otherwise applied) into the Net Cash Proceeds Account for application as Net Cash Proceeds for the Measuring Period in which such transfer is made.