PP&E Proceeds Account definition

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.
Sample 1Sample 2Sample 3
PP&E Proceeds Account has the meaning assigned to such term in the Security Agreement.
Sample 1Sample 2Sample 3
PP&E Proceeds Account means a segregated and blocked account maintained by an Obligor to hold certain proceeds of Collateral (as contemplatedto the extent required by and for the purposes set forth in thean Indenture and subject to the terms of the PP&E Proceeds Account Control Agreement), and which account and the funds contained thereinin which constitute Collateral, together with any replacement or similar account created to serve such purpose. Any PP&E Proceeds Account Control Agreement shall be in a form acceptable to the Collateral Trustee in its sole discretion and the Collateral Trustee will not be required to sign any such agreement if any indemnification provisions therein are not acceptable to it in its sole discretion.
Sample 1

Examples of PP&E Proceeds Account in a sentence

  • As and when required pursuant to theany Indenture, (i) maintain the PP&E Proceeds Account and any replacement or successor accounts relating thereto in accordance with the terms of theany Indenture and the PP&E Proceeds Account Control Agreement, (ii) deposit all Net Proceeds of Asset Sales involving Collateral in the PP&E Proceeds Account as required by theany Indenture, and cause all amounts deposited into the PP&E Proceeds Account to be applied only in accordance with the terms of theany Indenture.

  • Each Parity Lien Secured Party, by accepting the benefits of the security provided hereby authorizes (or is deemed to authorize) and instructs (or is deemed to instruct) the Collateral Trustee on behalf of such Person to enter into, and to perform its obligations under, the PP&E Proceeds Account Control Agreement and to enter into any technical amendments, modifications and/or supplements thereto as may from time to time be determined to be reasonably necessary by the Collateral Trustee.

  • All amounts on deposit in PP&E Proceeds Account and any replacement or successor account relating thereto shall be subject to the Lien of the Collateral Trustee for the benefit of the Parity Lien Secured Parties.


More Definitions of PP&E Proceeds Account

PP&E Proceeds Account. (as such term is defined in the Security Agreement), (b) one or more accounts exclusively used for payroll, payroll taxes or employee benefits, and (c) other accounts containing not more than $5,000,000 in aggregate amount at any time (collectively, the “Excluded Deposit Accounts”). Each Obligor shall be the sole account holder of each Deposit Account and shall not allow any other Person (other than Agent for the benefit of Secured Parties and under the terms and condition set forth herein) to have control over a Deposit Account or any Property deposited therein. Each Obligor shall promptly notify Agent of any opening or closing of a Deposit Account (other than an Excluded Account) and, upon Agent’s written request, will amend Schedule 7.4 to reflect same.
Sample 1
PP&E Proceeds Account is defined in the Security Agreement.
Sample 1
PP&E Proceeds Account shall have the meaning specified in the Security Agreement.
Sample 1

Related to PP&E Proceeds Account

  • Proceeds Account means a bank account of the Issuer, into which the Net Proceeds from the Initial Bond Issue will be transferred and which has been pledged in favour of the Agent and the Bondholders (represented by the Agent) under the Proceeds Account Pledge Agreement.

  • Loss Proceeds Account has the meaning set forth in Section 3.3(a).

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Swap Collateral Account means a single, segregated trust account in the name of the Indenture Trustee, which shall be designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.10(e) of the Sale and Servicing Agreement.]

  • Proceeds Account Pledge Agreement means the pledge agreement entered into between the Issuer and the Agent on or prior to the First Issue Date in respect of a first priority pledge over the Proceeds Account and all funds held on the Proceeds Account from time to time, granted in favour of the Agent and the Bondholders (represented by the Agent).

  • Project Account means the account referred to in Section 3.04 (a) of this Agreement;

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.