Common use of Deposit into the Account Clause in Contracts

Deposit into the Account. Upon execution of the Development Agreement Lakes deposited $20,900,000 into the Account, subject to the Security Agreement and the Control Agreement. Such deposit shall be for the account of Great Lakes. Great Lakes shall also deposit such further sums from time to time as shall be necessary to maintain a minimum balance in the Account of at least $2,000,000 at all times prior to the Commencement Date; provided that Great Lakes shall not be required to make aggregate deposits that exceed the total amount of fees, loans and other payments to be made by it to or for the account of the Band under this Agreement. The Account shall: (a) serve as collateral for liquidated or other damages payable to the Band as provided in the Agreements; and (b) serve as a funding mechanism as provided in the Control Agreement, at Great Lakes' option, for Great Lakes's obligation to make payments to the Band (other than the Scholarship Program Fee) and to make advances under the Lakes Development Loan and the Lakes Facility Loan. Great Lakes agrees to execute and deliver the Security Agreement, the Control Agreement, and such financing statements and other instruments as the Band requests to perfect this security interest. Nothing in this section shall limit Great Lakes's obligations to make payments as required under this Agreement or limit the Band's remedies in the event of Great Lakes's default. Funds in the Account shall be invested in such manner as Great Lakes reasonably deems prudent, provided that the investment vehicles are liquid and do not include equities, swaps, derivatives, commodities, or speculative instruments. Great Lakes shall inform the Band of the nature and terms of the financial instruments in which the escrowed funds are invested. Income from the Account shall be payable to Great Lakes prior to a Lakes Event of Default. After a Lakes Event of Default, income shall be payable to the Band to the extent needed to fund damages payable to the Band. Firstar shall be entitled to reasonable compensation acceptable to the Band and Great Lakes and to reimbursement of expenses, all of which shall be payable from the Account prior to a Lakes Event of Default and, after such an Event of Default, by Great Lakes. Payments into the Account shall not be deemed advances to the Band for purposes of accrual of interest, and interest shall only accrue as to funds advanced by Great Lakes through the Account upon disbursement from the Account.

Deposit into the Account. Upon execution of the Development Agreement Agreements Lakes deposited shall deposit $20,900,000 into the Account, subject to the Security Agreement and the Control Agreement. Such deposit shall be for the account of Great Lakes. Great Lakes shall also deposit such further sums from time to time as shall be necessary to maintain a minimum balance in the Account of at least $2,000,000 at all times prior to the Commencement Date; provided that Great Lakes shall not be required to make aggregate deposits that exceed the total amount of fees, loans and other payments to be made by it to or for the account of the Band under this Agreement. The Account shall: (ai) serve as collateral for liquidated or other damages payable to the Band as provided in the Agreements; and (bii) serve as a funding mechanism as provided in the Control Agreement, at Great Lakes' 's option, for Great Lakes's obligation to make payments to the Band (other than the Scholarship Program Fee) and to make advances under the Lakes Development Loan and the Lakes Facility Loan. Great Lakes agrees to execute and deliver the Security Agreement, the Control Agreement, and such financing statements and other instruments as the Band requests to perfect this security interest. Nothing in this section shall limit Great Lakes's obligations to make payments as required under this Agreement or limit the Band's remedies in the event of Great Lakes's default. Funds in the Account shall be invested in such manner as Great Lakes reasonably deems prudent, provided that the investment vehicles are liquid and do not include equities, swaps, derivatives, commodities, or speculative instruments. Great Lakes shall inform the Band of the nature and terms of the financial instruments in which the escrowed funds are invested. Income from the Account shall be payable to Great Lakes prior to a Lakes Event of Default. After a Lakes Event of Default, income shall be payable to the Band to the extent needed to fund damages payable to the Band. Firstar The Bank shall be entitled to reasonable compensation acceptable to the Band and Great Lakes and to reimbursement of expenses, all of which shall be payable from the Account prior to a Lakes Event of Default and, after such an Event of Default, by Great Lakes. Payments into the Account shall not be deemed advances to the Band for purposes of accrual of interest, and interest shall only accrue as to funds advanced by Great Lakes through the Account upon disbursement from the Account.

Deposit into the Account. Upon execution of the Development Agreement Agreements Lakes deposited shall deposit $20,900,000 into the Account, subject to the Security Agreement and the Control Agreement. Such deposit shall be for the account of Great Lakes. Great Lakes shall also deposit such further sums from time to time as shall be necessary to maintain a minimum balance in the Account of at least $2,000,000 at all times prior to the Commencement Date; provided that Great Lakes shall not be required to make aggregate deposits that exceed the total amount of fees, loans and other payments to be made by it to or for the account of the Band under this Agreement. The Account shall: (ai) serve as collateral for liquidated or other damages payable to the Band as provided in the Agreements; and (bii) serve as a funding mechanism as provided in the Control Agreement, at Great Lakes' 's option, for Great Lakes's obligation to make payments to the Band (other than the Scholarship Program Fee) and to make advances under the Lakes Development Loan and the Lakes Facility Loan. Great Lakes agrees to execute and deliver the Security Agreement, the Control Agreement, and such financing statements and other instruments as the Band requests to perfect this security interest. Nothing in this section shall limit Great Lakes's obligations to make payments as required under this Agreement or limit the Band's remedies in the event of Great Lakes's default. Funds in the Account shall be invested in such manner as Great Lakes reasonably deems prudent, provided that the investment vehicles are liquid and do not include equities, swaps, derivatives, commodities, or speculative instruments. Great Lakes shall inform the Band of the nature and terms of the financial instruments in which the escrowed funds are invested. Income from the Account shall be payable to Great Lakes prior to a Lakes Event of Default. After a Lakes Event of Default, ,income shall be payable to the Band to the extent needed to fund damages payable to the Band. Firstar The Bank shall be entitled to reasonable compensation acceptable to the Band and Great Lakes and to reimbursement of expenses, all of which shall be payable from the Account prior to a Lakes Event of Default and, after such an Event of Default, by Great Lakes. Payments into the Account shall not be deemed advances to the Band for purposes of accrual of interest, and interest shall only accrue as to funds advanced by Great Lakes through the Account upon disbursement from the Account.

Deposit into the Account. Upon execution of the Development Agreement Agreement, Lakes deposited $20,900,000 into the Account, subject to the Security Agreement and the Control Agreement. Such deposit shall be for the account of Great Lakes. Great Lakes shall also deposit such further sums from time to time as shall be necessary to maintain a minimum balance in the Account of at least $2,000,000 at all times prior to the Commencement Date; provided that Great Lakes shall not be required to make aggregate deposits that exceed the total amount of fees, loans and other payments to be made by it to or for the account of the Band under this Agreement. The Account shall: (a) serve as collateral for liquidated or other damages payable to the Band as provided in the Agreements; and (b) serve as a funding mechanism as provided in the Control Agreement, at Great Lakes' option, for Great Lakes's obligation to make payments to the Band (other than the Scholarship Program Fee) and to make advances under the Lakes Development Loan and the Lakes Facility Loan. Great Lakes agrees to execute and deliver the Security Agreement, the Control Agreement, and such financing statements and other instruments as the Band requests to perfect this security interest. Nothing in this section shall limit Great Lakes's obligations to make payments as required under this Agreement or limit the Band's remedies in the event of Great Lakes's default. Funds in the Account shall be invested in such manner as Great Lakes reasonably deems prudent, provided that the investment vehicles are liquid and do not include equities, swaps, derivatives, commodities, or speculative instruments. Great Lakes shall inform the Band of the nature and terms of the financial instruments in which the escrowed funds are invested. Income from the Account shall be payable to Great Lakes prior to a Lakes Event of Default. After a Lakes Event of Default, income shall be payable to the Band to the extent needed to fund damages payable to the Band. Firstar shall be entitled to reasonable compensation acceptable to the Band and Great Lakes and to reimbursement of expenses, all of which shall be payable from the Account prior to a Lakes Event of Default and, after such an Event of Default, by Great Lakes. Payments into the Account shall not be deemed advances to the Band for purposes of accrual of interest, and interest shall only accrue as to funds advanced by Great Lakes through the Account upon disbursement from the Account.