District Not Authorized to Extend Credit: Developer to Maintain Adequate Deposit Account Balance Sample Clauses

District Not Authorized to Extend Credit: Developer to Maintain Adequate Deposit Account Balance. District is not authorized to extend credit to Developer at any time. At the time of approval of a Developer Extension Agreement, District will establish a Developer’s Deposit Account (DDA) for handling all financial transactions between Developer and District. The amount of the initial cash deposit provided to the District by the Developer as well as possible additional required cash deposits into the DDA will be as described in section 4.c. of this Agreement. Failure of Developer to maintain an adequate credit balance in the DDA to cover anticipated costs, or to reimburse District in a timely manner for outstanding costs, will be subject to the provisions of Section 4.e. of this Agreement.
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