Escrow Structure definition
Escrow Structure means a financing structure in which ninety percent (90%) or more of the bond proceeds are invested or not otherwise capable of being paid out for any period of time during which the User attempts to obtain credit enhancement or satisfy any other conditions precedent to the use of all of the bond proceeds for Costs of the Project.
Escrow Structure means a financing structure in which ninety percent (90%) or more of the proceeds of the Bond are not available to be used to pay the Costs of the Projects for any period of time during which the Applicant attempts to obtain credit enhancement or satisfy any other conditions precedent to the use of all of the Bond proceeds for Costs of the Project.
Escrow Structure means a financing structure in which Bond proceeds are invested in high-yielding securities for a period during which the Applicant attempts to obtain a credit enhancement sufficient to preserve the Authority’s required “AA” rating on the Bonds and during which time the interest on the high-yielding securities pays the interest and principal due on the Bonds.