Examples of Net Proceeds Account in a sentence
The Trustee shall hold any such Net Proceeds paid to or for the benefit of the Authority in the Net Proceeds Account subject to further instructions of the Authority.
No sale or investment proceeds of any Bonds and no Pledged Revenues may be deposited to the Net Proceeds Account.
Amounts on deposit in the Net Proceeds Account shall not be commingled with any other account or fund established under this Indenture.
Notwithstanding the above, the Issuer may apply any Acquisition Net Proceeds standing to the credit to the Acquisition Net Proceeds Account towards a redemption or repurchase of Bonds, provided that such redemption or repurchase is made in connection with a redemption of the Bonds in full and that the Issuer confirms that such redemption or repurchase is permitted or consented to under the Super Senior RCF.
As conditions precedent to each disbursement from the Project Fund and the Net Proceeds Account, the Authority will file or cause to be filed with the Trustee an executed copy of a requisition in substantially the form of Exhibit [B] to the Development Agreement.