Construction Escrow Account Clause Samples
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Construction Escrow Account. 2.8.1 On the Closing Date, the sum of set forth on Exhibit K hereto as the Construction Escrow Account shall be deposited from the Initial Advance and held in an account maintained at a bank designated by Lender and pledged to Lender as additional collateral for the Loan (the "Construction Escrow Account"). The Construction Escrow Account shall be an interest-bearing account and all interest earned thereon shall become part of the Construction Escrow Account for the benefit of Borrower.
2.8.2 Any portion of the Loan not theretofore advanced shall be advanced on the Outside Funding Date and deposited into the Construction Escrow Account. Upon such deposit, the Loan shall be deemed fully advanced to Borrower.
2.8.3 Upon satisfaction of the conditions contained in Section 3.3 and 3.4 hereof for a Construction Draw (other than the condition contained in Section 3.3.9 hereof), Lender shall disburse the amount of such Construction Draw from the Construction Escrow Account. Upon and during the continuance of an Event of Default, any and all amounts in the Construction Escrow Account may be applied to the Indebtedness in such order, priority and proportions as Lender in its discretion shall deem proper.
Construction Escrow Account. Reorganized Stratosphere shall establish an escrow account (the "Construction Escrow Account") and shall deposit in the Construction Escrow Account, immediately upon receipt, all proceeds of the sale of the Class B Common Stock and the Restated Notes which shall equal not less than $75,000,000 in the aggregate. The funds held in the Construction Escrow Account shall be beneficially owned by Reorganized Stratosphere, and Reorganized Stratosphere shall grant to the Indenture Trustee, for the benefit of the holders of the Restated First Mortgage Notes, a security interest in all of Reorganized Stratosphere's right, title and interest in the Construction Escrow Account. Reorganized Stratosphere, Grand, the Indenture Trustee and the Construction Escrow Agent shall enter into the Construction Escrow Agreement which shall set forth the terms upon which, and the manner in which, funds shall be disbursed from the Construction Escrow Account to fund completion of Phase II. The terms of the Construction Escrow Account shall provide for operation thereof in a manner consistent with customary construction terms and escrow financing arrangements. The Construction Escrow Agent shall be a party reasonably acceptable to each of Grand and Reorganized Stratosphere.
Construction Escrow Account. 11 Section 4.5 Amendments to Budget 11 Section 4.6 Management Agreement 11
Construction Escrow Account. Borrower shall not withdraw any amounts from the Construction Escrow Account without the prior written consent of Lender or except as otherwise expressly permitted by this Agreement or the Project Construction Disbursing Agreement.
Construction Escrow Account. The Leasehold Owner’s “Construction Escrow Account”, as such term is defined in the Intercreditor Agreement, identified as account no. 4267608219.
Construction Escrow Account. Stratosphere shall establish an escrow account (the "Escrow Account") and shall deposit in the Escrow Account immediately upon receipt all net proceeds of the Rights Offering which, after payment of reasonable expenses relating to the Rights Offering, shall equal not less than $75,000,000 in the aggregate. The funds held in the escrow account shall be beneficially owned by Stratosphere and Stratosphere shall provide a security interest to the Restated Notes Trustee, on behalf of the holders of the Restated Notes, in all of Stratosphere's right, title and interest in the Escrow Account. Stratosphere, the Restated Notes Trustee and the escrow agent shall enter into an agreement, in form and substance reasonably acceptable to Stratosphere, the Noteholders and Grand, to set forth the terms upon which, and the manner in which, funds shall be disbursed from the Escrow Account to fund completion of Phase II. The parties hereto intend that the Escrow Account operate in a manner consistent with customary construction terms and escrow financing arrangements. The escrow agent shall be a party reasonably acceptable to Grand, Stratosphere and the Noteholders.
Construction Escrow Account. The Construction Escrow Account is designated as follows:
Construction Escrow Account. The Construction Escrow Account is designated as follows: Name: River Rock Entertainment Authority, an unincorporated instrumentality of The Dry Creek Rancheria Band of Pomo Indians of California
Construction Escrow Account