Closing Expense Account Clause Samples
Closing Expense Account. The Collateral Agent shall, on or prior to the Closing Date, establish a single, segregated non-interest bearing trust account in the name “Athena Funding I LLC Closing Expense Account, subject to the lien of the Collateral Agent for the benefit of the Secured Parties”, which shall be designated as the “Closing Expense Account” and which shall be governed solely by the terms of this Agreement and the Account Control Agreement. The Collateral Agent shall have exclusive control over such account, subject to the Borrower’s right to give instructions specified herein, and the sole right of withdrawal. Any and all funds at any time on deposit in, or otherwise to the credit of, the Closing Expense Account shall be held in trust by the Collateral Agent for the benefit of the Secured Parties. On or prior to the Closing Date, the Borrower shall deposit or cause to be deposited approximately $0 into the Closing Expense Account. On any Business Day during the period that the Closing Expense Account is open, the Collateral Agent shall apply funds from the Closing Expense Account, as directed by the Borrower (or the Services Provider on behalf of the Borrower), to pay fees and expenses of the Borrower incurred in connection with the structuring, consummation, closing and post-closing of the transaction contemplated by this Agreement. Upon the delivery, on any date that is at least 60 days after the Closing Date, of a Borrower Order instructing the Collateral Agent to close the Closing Expense Account, all funds in the Closing Expense Account will be deposited in the Collection Account as Interest Proceeds and the Closing Expense Account will be closed. By Borrower Order (which may be in the form of standing instructions), the Borrower (or the Services Provider on behalf of the Borrower) may, so long as no Event of Default has occurred and is continuing, direct the Collateral Agent to, and, upon receipt of such Borrower Order, the Collateral Agent shall, invest all funds received into the Closing Expense Account during a Due Period as so directed by the Borrower (or the Services Provider on behalf of the Borrower) in Eligible Investments. Any income earned on amounts deposited in the Closing Expense Account will be deposited in the Collection Account as Interest Proceeds as it is received. The Collateral Agent agrees to give the Borrower and the Services Provider immediate notice if an Administrative Officer of the Collateral Agent obtains actual knowledge of or receive...
Closing Expense Account. The Collateral Agent shall, on or prior to the Closing Date, establish a single, segregated non-interest bearing account in the name “APA FINANCE III BORROWER, LLC Closing Expense Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Closing Expense Account” and which shall be governed solely by the terms of this Agreement and the Account Control Agreement. The Collateral Agent shall have exclusive control over such account, subject to the Borrower’s right to give instructions specified
Closing Expense Account. In accordance with this Indenture and the Securities Account Control Agreement, the Trustee shall, prior to the Closing Date, establish with the corporate trust department of the Custodian a single, segregated non-interest bearing account held in the name of “ABPCI Direct Lending Fund CLO VI Ltd” which account shall be subject to the lien of U.S. Bank National Association, as Trustee for the benefit of the Secured Parties and shall be designated as the “Closing Expense Account”, and shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. The Issuer shall direct the Trustee to deposit in the Closing Expense Account on the Closing Date, the amount specified in Section 3.1(a)(xii)(C). On any Business Day from the Closing Date to and including the Determination Date relating to the third Payment Date following the Closing Date, the Trustee shall apply funds from the Closing Expense Account, as directed by the Collateral Manager, to pay (x) expenses of the Co-Issuers incurred in connection with the establishment of the Co-Issuers and fees and expenses incurred in connection with the structuring and consummation of the Offered Notes and the issuance of the Notes and (y) at the Collateral Manager’s discretion, Administrative Expenses in the order of priority contained in the definition thereof (subject to the Administrative Expense Cap). On the third Payment Date following the Closing Date, all funds in the Closing Expense Account (after deducting any expenses paid or payable on such Payment Date) shall be deposited in the Collection Account as Principal Proceeds. Any income earned on amounts deposited in the Closing Expense Account shall be deposited in the Collection Account as Interest Proceeds as it is received.
Closing Expense Account. In accordance with this Indenture and the Securities Account Control Agreement, the Trustee shall, prior to the ClosingRefinancing Date, establishestablished with the corporate trust department of the Custodian a single, segregated non-interest bearing account held in the name of “ABPCI Direct Lending Fund CLO VI Ltd” which account shall be subject to the lien of U.S. Bank Trust Company, National Association, as Trustee