ESCROW FOR ADVANCE Sample Clauses

ESCROW FOR ADVANCE. The initial Advance under Term Credit B shall be made in US Dollars upon satisfaction of all conditions precedents in Sections 7.1 and 7.3, but shall not be released to the Borrower until the date for payment of the Special Distribution upon the Agent being satisfied that the Special Distribution will be paid on that date, including being satisfied that NSCL has established the payment date for the Special Distribution and that NSCL has notified the Toronto Stock Exchange of the payment date. Until then, the proceeds of the Advance shall be deposited with and held by the Agent in escrow and, without limiting the Lenders' other rights, may be set off against the Obligations relating to the Advance (and returned to the respective Term Credit B Lenders) upon any Event of Default occurring, or if the Special Distribution is not paid on the date for payment established by NSCL's board of directors.