Deposit of Cash Call Funds. IID shall promptly deposit all funds it receives in response to any cash call into an interest-bearing account at the Bank of America or such other bank as may be agreed to from time to time by the Management Committee and IID. Interest on the funds on deposit in such account shall be retained in the account and used to pay Shared Costs of the Project. IID shall make withdrawals from such account only as necessary to pay Shared Costs. Any funds remaining in such account after all of the Shared Costs to be paid hereunder have been paid shall be refunded to the Participants in accordance with their respective Project Shares.
Appears in 4 contracts
Samples: Funding and Construction Agreement (Ormat Technologies, Inc.), Funding and Construction Agreement (Ormat Technologies, Inc.), Funding and Construction Agreement (Ormat Technologies, Inc.)
