Examples of Project Escrow Account in a sentence
If funds in the Expansion Project Escrow Account are insufficient to complete the applicable Expansion Project (including any amounts as may thereafter be deposited in such account), Tenant shall pay any such deficiency prior to further disbursement from the Expansion Project Escrow Account.
The grant of the foregoing security interest shall be in addition to the ownership of the proceeds of the Project Escrow Account and the Project Escrow Fund by the Administrative Agent.
Landlord may establish a separate Expansion Project Escrow Account for each Expansion Project or may establish one Expansion Project Escrow Account for all the Expansion Projects together, but balances in one Expansion Project Escrow Account may be transferred to another Expansion Project Escrow Account upon Tenant’s request and Landlord’s approval in order to use excess funds for a different Initial Expansion Project.
All Net Cash Flow from the Project shall ---------------------- be deposited with Lender into the Project Escrow Account, which will be a demand deposit account in Borrower's name but under Lender's sole dominion and control.
Buyers and Sellers shall procure that, in accordance with Section 7.13, any amounts paid into the Kanan Project Escrow Account (if any) and any earnings thereon and (a) due to Sellers in accordance with Section 7.13 shall be promptly paid to Sellers and (b) due to Buyers in accordance with Section 7.13 shall be promptly paid to Buyers.
Net Sales Cash Flow shall be deposited into the Project Escrow Account until there has been a total aggregate deposit of at least $6,911,000 or 95 such greater amount that the Administrative Agent determines in its judgment is sufficient when taken together with funds to be disbursed under the Loans to complete the improvements contemplated by and to pay all other amounts required to be paid or disbursed under the Construction Budget.
The Expansion Project Escrow Account shall be interest-bearing or invested as mutually agreed by Landlord and Tenant, with Tenant entitled to the interest or earnings thereon.
Disbursements from the Expansion Project Escrow Account shall be made subject to and in accordance with the methodology and conditions set forth in Section 10.3 with respect to disbursement of Insurance Proceeds.
Without limiting the foregoing or Administrative Agent’s other rights and remedies hereunder, in the event that Administrative Agent determines at any time that the Tax and Insurance Reserve Fund is not or will not be sufficient to pay real estate taxes and insurance premiums thirty (30) days prior to their respective due dates, Administrative Agent may utilize funds from time to time on deposit in the Project Escrow Account to pay such real estate taxes and insurance premiums when due.