Collateral Arrangement. As a further support for the Procurers‟ obligations, on or prior to the Effective Date, the Procurers and the Seller shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the Seller, through which the revenues of the Procurers shall be routed and used as per the terms of the Default Escrow Agreement. The Procurers and the Seller shall contemporaneously with the execution of the Default Escrow Agreement enter into the Agreement to Hypothecate Cum Deed of Hypothecation, whereby the Procurers shall agree to hypothecate, Incremental Receivables to the extent as required for the Letter of Credit as per Article 10.4.2. The Default Escrow Agreement and the Agreement to Hypothecate Cum Deed of Hypothecation are collectively referred to as the “Collateral Arrangement”. Provided that the Procurers shall ensure that the Seller shall have first ranking charge on the Receivables in accordance with the terms of the Agreement to Hypothecate Cum Deed of Hypothecation.
Collateral Arrangement. 3.9. As a further support for the Discom obligations, on or prior to the expiry of the TPA, the Discom and NTPC shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of NTPC, through which the revenues of the Discom shall be routed and used as per the terms of the Default Escrow Agreement. The Discom and NTPC shall contemporaneously with the execution of the Default Escrow Agreement enter into the Agreement to Hypothecate Cum Deed of Hypothecation, whereby the Discom shall agree to hypothecate, Incremental Receivables to the extent as required for the Letter of Credit as per Article 3.2 The Default Escrow Agreement and the Agreement to Hypothecate Cum Deed of Hypothecation are collectively referred to as the “Collateral Arrangement”. Provided that the Discom shall ensure that NTPC shall have first ranking charge on the Receivables in accordance with the terms of the Agreement to Hypothecate Cum Deed of Hypothecation.
Collateral Arrangement. As a further support for the SECI’s obligations, not later than (1) month before the start of supply, the SPD and SECI shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of SPD, through which the Incremental Receivables of the SECI shall be routed and used as per the terms of the Default Escrow Agreement.
Collateral Arrangement. 11.4.2.1 As further support for the Procurer’s obligations, on or prior to the Effective Date, Procurer and the Seller shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the Seller, through which the revenues of the Procurer shall be routed and used as per the terms of the Default Escrow Agreement. The Procurer and the Seller shall contemporaneously with the execution of the Default Escrow Agreement enter into a separate Agreement to Hypothecate Cum Deed of Hypothecation, whereby the Procurer shall agree to hypothecate,to the Seller, effective from forty five (45) days prior to the Scheduled COD or Revised Scheduled COD of the first Unit (as applicable), the amounts to the extent as required for the Letter of Credit as per Article 11.4.1.1 routed through the Default Escrow Account and the Receivables in accordance with the terms of the Agreement to Hypothecate Cum Deed of Hypothecation. The Default Escrow Agreements and the Agreement to Hypothecate Cum Deed of Hypothecation are collectively referred to as the “Collateral Arrangement”. The minimum revenue flow in any Month in the Default Escrow Account shall be at least equal to the amount required for the Letter of Credit as per Article 11.4.1.1. Provided that the Procurer shall ensure that the Seller has first ranking charge on the revenues routed through the Default Escrow Account and the ‘Receivables’ in accordance with the terms of the Agreement to Hypothecate Cum Deed of Hypothecation. However, such first ranking charge shall be on the amounts, in excess of amounts, which have already been charged or agreed to be charged prior to the date of the execution of the Default Escrow Agreement,
Collateral Arrangement. (a) The performance by the Company and other Group Companies of their obligations to make any payments to the Investors (i) under the Indentures, the Notes, the Security Documents and Section 4.4 and Schedule IV of this Agreement, and (ii) pursuant to Article VI of this Agreement as a result of a breach of its obligations under Section 4.5, Section 4.6 and Section4.8 of this Agreement as well as their other obligations under the Security Documents, shall be secured pursuant to the collateral arrangement set forth on Schedule III (the “Collateral Arrangement”) and under the Security Documents.
Collateral Arrangement. 11.8 As an security measure to ensure compliance of Franchisee obligations under this agreement, the Franchisee and the DISCOM on or prior to the Effective Date, shall execute separate Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the DISCOM, through which the revenues of the DF shall be routed and used as per the terms of the Default Escrow Agreement. All revenue collected in the franchised area shall be deposited by DF in the Default Escrow Account within 48 hours of its receipt. Without prejudice to its other rights, DISCOM shall have the first and paramount charge over all receivables of Franchisee at all times for all the amounts becoming due from Franchisee to DISCOM under this Distribution Franchisee Agreement. Franchisee shall not create any encumbrance, charge, and lien or otherwise execute any instrument which in any way affects the first and paramount charge over the receivables in favour of DISCOM. DISCOM, however, agrees that so long as the amounts becoming due from Franchisee to DISCOM as aforesaid are paid on due dates. Franchisee shall be entitled to utilize the receivables and may deal with such receivables in such manner as Franchisee may consider appropriate and DISCOM agrees to maintain its first and paramount charge over the receivables as floating charge. The floating charge of DISCOM shall, however, crystallize into a fixed charge automatically without any further act, deed or things to be done by franchisee or DISCOM or any other person in the event of any default on the part of franchisee to pay the amounts due to DISCOM. DISCOM and franchisee shall register the above charge of DISCOM with the Registrar of Companies. However DISCOM may consider ceding its first charge on receivables in the “ESCROW account” in favour of Bank/FIs in order to facilitate the franchisee in availing letter of Credit for payment of Monthly Bills to DISCOM as referred in Article 7 as well as in raising loan for the Franchisee Area subject to the following conditions;
Collateral Arrangement. As a further support for the NVVN’s obligations, on or prior to the Effective Date, the SPD and NVVN shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of SPD, through which the Incremental Receivables of the NVVN shall be routed and used as per the terms of the Default Escrow Agreement. The SPD and NVVN shall contemporaneously with the execution of the Default Escrow Agreement enter into the Agreement to Hypothecate Cum Deed of Hypothecation, whereby the NVVN shall agree to hypothecate, Incremental Receivables to the extent as required for the Letter of Credit as per Article 10.4.2. The Default Escrow Agreement and the Agreement to Hypothecate Cum Deed of Hypothecation are collectively referred to as the “Collateral Arrangement”. Incremental Receivables is the money received by NVVN on account of sale of Bundled Power under the NVVN-Discom PSA.
Collateral Arrangement. As a further support for the Electricity Department Daman’s obligations, not later than (1) month before the start of supply, the SPD and NVVN shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of SPD, through which the Incremental Receivables of the Electricity Department Daman shall be routed and used as per the terms of the Default Escrow Agreement. The SPD and Electricity Department Daman shall contemporaneously with the
Collateral Arrangement. As a further support for the Buying Utility’s obligations, on or prior to the Effective Date, the Buying Utility and SECI shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of SECI, through which the revenues of the Buying Utility shall be routed and used as per the terms of the
Collateral Arrangement. 3.9. As a further support for the Discom obligations, on or prior to the expiry of the TPA, the Discom and NTPC shall execute Default Escrow Agreement (referred as “Default
