Closure of the Escrow Account. 17.4.1 The Escrow Account shall be closed upon the Termination of the SFM Agreement. 17.4.2 Upon Termination of the SFM Agreement, all amounts standing to the credit of the Escrow Account shall, notwithstanding anything in the SFM Agreement, be first appropriated and dealt with solely by the written instruction of Authority in the following order: (i) all Taxes, duties, cess and fees due and payable in respect of the SFM Project; (ii) payment to Authority of an amount equivalent to then applicable Required Amount, for the purposes of which the calculation date shall be the date of such Termination; (iii) outstanding amounts payable to Authority including any unpaid liquidated damages; (iv) all payments and damages certified by Authority as due and payable to it by the Facility Manager pursuant to the Station Facility Management Agreement, including any claims or demands in connection with or arising out of termination of the Station Facility Management Agreement; (v) incurred or accrued O & M Expenses (other than amounts specified in (i) above); and (vi) towards discharging outstanding debt for the SFM Project (if any), as obtained by the Facility Manager. The balance, if any, may be withdrawn from the Escrow Account in accordance with the instructions of the Facility Manager.
Appears in 12 contracts
Samples: Station Facility Management Agreement, Station Facility Management Agreement, Station Facility Management Agreement
