Hooters Deposit Clause Samples

Hooters Deposit. On June 30, 2004, the Company deposited One Million Dollars ($1,000,000) into an escrow account pursuant to the terms of the 155 Operating Agreement, and commencing July 30, 2004 and on the 30th day of each month thereafter, the Company shall increase this amount in escrow with additional deposits of Two Hundred Fifty Thousand Dollars ($250,000) per month, until a deposit in the aggregate amount of Two Million Dollars ($2,000,000) has been made (the “Hooters JV Deposit”). In addition, on June 30, 2004, the Members deposited funds sufficient to pay the then due and owing commitment and application fees in the amount of Nine Hundred Seventy Thousand Dollars ($970,000) to Canyon Capital Partners related to the $48,500,000 financing to be obtained by 155 ET LLC on the First Closing Date (“Hooters Canyon Deposit”).