TRANSFER OF NET REVENUES TO THE PLEDGED PROJECT ACCOUNT Clause Samples

TRANSFER OF NET REVENUES TO THE PLEDGED PROJECT ACCOUNT. The Parties agree that the amounts of Net Revenues credited to the Pledged Project Account shall be applied to repay or pay all amounts due by the Borrower in connection with the Agreement and all amounts due to Titan from O.P.T.B. in connection with the financing of the Titan Equipment. In accordance with Article 5 hereof, the Local Agent shall debit from the Pledged Project Account on their Payment Date, (i) any amounts owed by the Borrower with respect to this Agreement, which amount is to be credited to the Titan Africa Facility Account, and (ii) an amount equal to the amounts owed to Titan by O.P.T.B. in connection with the financing of the Titan Equipment, such amount to be paid by the Local Agent on behalf of O.P.T.B. as Titan may direct. Each Payment Date shall fall on the last Day of an Interest Period. If however a Payment Date falls on a Saturday, Sunday, holiday or non-working day in Benin, repayment shall be postponed until the first Business Day following the initial repayment date, unless such postponement causes the repayment to fall in the next calendar month, in which case the repayment date shall be the Business Day immediately preceding the initial repayment date.
View Source

Related to TRANSFER OF NET REVENUES TO THE PLEDGED PROJECT ACCOUNT

  • Project Accounts The Grantee agrees to establish and maintain for the Project either a separate set of accounts or accounts within the framework of an established accounting system, in a manner consistent with 49 C.F.R. § 18.20, or 49 C.F.R. § 19.21, as amended, whichever is applicable.

  • What if I Pledge My Account? If you use (pledge) all or part of your ▇▇▇▇ ▇▇▇ as security for a loan, your account may lose its tax-favored status.

  • Control of Collateral Accounts To establish “control” of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a “Secured Party Order”) without the need for consent by the Grantor or any other Person.

  • Revenue Account The Borrower and the Security Agent have established with the Securities Intermediary an account entitled the “Stetson Revenue Account” (account number ▇▇▇▇▇▇▇) (the “Revenue Account”). Except as otherwise set forth in this Agreement, the Borrower shall (and the Borrower shall cause each Project Company to) deposit in the Revenue Account all cash amounts held by or paid to the Borrower (and each Project Company), including without limitation, (i) any and all distributions and other payments to which the Borrower is entitled under the Borrower LLC Agreement, (ii) all Project Revenues paid to the Borrower or any Project Company under any Project Documents or otherwise, (iii) all proceeds of any equity contribution funded by all Affiliated Participants, (iv) all proceeds of any business interruption insurance received by the Borrower or any Project Company or otherwise in respect of the Projects, and (v) transfers from other Collateral Accounts in accordance with this Section 6; provided, however, that (x) all Government Grant proceeds received from the Governmental Authority shall be deposited in the Government Grant Proceeds Account pursuant to Section 6(g), (y) all proceeds of insurance (other than proceeds of business interruption insurance) shall be deposited in the Loss Proceeds Account pursuant to Section 6(f), and (z) all proceeds paid to the Borrower or any Project Company related to the Permitted Transmission Line Transfer shall be deposited in the Gen Lead Account pursuant to Section 6(j). So long as no Event of Default has occurred and is continuing or will occur upon giving effect to the application described below, funds in the Revenue Account shall be applied by internal account transfer by the Securities Intermediary at the direction of the Security Agent and the Borrower, in each case at the following times and in the following order of priority:

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6 hereof.