Definition of PP&E Proceeds Account

PP&E Proceeds Account means a segregated and blocked account maintained by an Obligor to hold certain proceeds of Collateral (as contemplated by and for the purposes set forth in this Indenture and subject to the terms of the PP&E Proceeds Account Control Agreement), and which account and the funds contained therein constitute Collateral, together with any replacement or similar account created to serve such purpose.
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Examples of PP&E Proceeds Account in a sentence

Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero, all amounts will be released from the PP&E Proceeds Account, and thereafter such funds may be used for any purpose not otherwise prohibited under this Indenture.