Project Escrow Account definition

Project Escrow Account has the meaning set forth in Section 11.2(a).

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Project Escrow Account means any deposit account established in the name of the Borrower to hold funds, and only such funds, in escrow for a particular customer to cover costs of repairing and replacing infrastructure and other improvements on the customer’s property.

Project Escrow Account means an account maintained by the Concessionaire/Licensee/Project Company for the entire remaining tenure of the Concession/License/Right of Way, wherein every month a portion from the total proceeds of revenue receipts of the Infrastructure Project shall be deposited by way of remittance from the Project Collection Account. The amounts standing to the credit of the Project Escrow Account shall be solely utilized for the routine and periodic maintenance of the Infrastructure Project.

Examples of Project Escrow Account in a sentence

• Replacements shall be paid for from the Reserve Fund Payments Account (each, a “Reserve Fund Expenditure”), and the Project Escrow Account Agreement shall provide, as follows: If the Replacement is anticipated by the Replacement Budget for the current Calendar Year, MCWD or MCWRA, as applicable, shall cause the Replacement to be paid from the Reserve Fund Payments Account.

• CAW shall make the CAW Product Water Contract Payments, as and when required by this Section 11.3, by remitting such payments directly to the Project Escrow Account.

• All accounts under the Project Escrow Account Agreement shall be interest bearing accounts and any interest earned on funds paid into such accounts shall be retained in such accounts and applied against future payments from such accounts.

• MCWD shall pay the Project Escrow Account MCWD's Proportional Share of O&M Costs as calculated pursuant to Section 11.6 for each Payment Period.

• On each Payment Period Payment Date, in addition to the CAW Debt Service Allocation, CAW shall pay to the Project Escrow Account an amount (each such payment, a “CAW Reserve Fund Payment”) equal to the then applicable Reserve Percentage of the concurrently paid CAW Debt Service Allocation.

• In addition, upon commencement of the Product Water Contract Payments, the CAW Reserve Fund Payments and the MCWD Reserve Fund Payments, if applicable, shall be deposited into the Reserve Fund Payments Account pursuant to the terms of the Project Escrow Account Agreement.

• As set forth in Section 11.2, as Product Contract Water Payments are made, the Escrow Agent shall cause to be disbursed to the respective Parties in accordance with the terms of the Project Escrow Account Agreement those O&M Costs which are to be reimbursed to the Party.

• At such time as either CAW or MCWD is in breach of its obligation to make all or any portion of its Product Water Contract Payments, such Party's rights to receive any disbursement from the Project Escrow Account shall be suspended.

• MCWD, MCWRA and CAW shall enter into a mutually acceptable escrow agreement (the “Project Escrow Account Agreement”) to establish an escrow account (the “Project Escrow Account”) with a mutually acceptable third- party escrow agent (the “Escrow Agent”) that will disburse the proceeds of the Product Water Contract Payments from the Project Escrow Account in a manner which reflects the provisions of Section 11.2(b) herein.

• On each Payment Period Payment Date, MCWD shall pay the Project Escrow Account an amount (each such payment, a “MCWD Debt Service Allocation”) equal to the lesser of (i) MCWD's Proportional Share of Debt Service as calculated pursuant to Section 11.5 or (ii) the Fees Limit.

More Definitions of Project Escrow Account

Project Escrow Account has the meaning assigned in the Cash Management Agreement.

Project Escrow Account. As such term is defined in Section 4.1(f). ---------------------- --------------

Project Escrow Account means the account maintained by the Escrow Agent into which Five Hundred Thousand Dollars ($500,000) of an Investing Member’s Capital Contribution shall be deposited upon subscription and which shall be disbursed to or at the direction of the Company upon satisfaction of the condition(s) outlined in the Offering Memorandum. Funds deposited in the Project Escrow Account by an Investing Member shall be treated as a Capital Contribution to the Company by that Investing Member.