Construction Control Account Sample Clauses

Construction Control Account. Prior to the June 15, 2020, the Parties shall retain an independent third party to maintain a construction control account (the “Construction Control Account”) to provide for the payment of costs related to designing, constructing, and furnishing the Project, into which account funds shall be deposited in accordance with Section 2.5 and out of which account Project Costs shall be paid. City and SKA shall each fund the Construction Control Account in four (4) equal installments of the Public Contribution and the SKA Contribution, respectively, on the dates (the “Installment Dates”) set forth in Section 2.5(c) and 2.5(d). The Parties acknowledge that the Construction Control Account is a trust account and shall be dedicated solely to the payment of Project Costs. The Construction Control Account shall be managed and administered (including signatory authority) by the independent third party retained by the Parties. The Parties shall enter into an agreement with the independent third party no later than June 15, 2020.