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.
Appears in 5 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Collateral Arrangement. As a further support for the Procurers‟ Buying Entity’s obligations, on or prior to the Effective Date, the Procurers Buying Entity and the Seller Buyer shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the SellerBuyer, through which the revenues of the Procurers Buying Entity shall be routed and used as per the terms of the Default Escrow Agreement. The Procurers Buying Entity and the Seller Buyer shall contemporaneously with the execution of the Default Escrow Agreement enter into the Agreement to Hypothecate Cum Deed of Hypothecation, whereby the Procurers Buying Entity shall agree to hypothecate, Incremental Receivables to the extent as required for the Letter of Credit as per Article 10.4.26.4.2,. 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 Buying Entity shall ensure that the Seller Buyer shall have first ranking charge on the Incremental Receivables in accordance with the terms of the Agreement to Hypothecate Cum Deed of Hypothecation.
Appears in 2 contracts
Samples: Standard Power Sale Agreement, Standard Power Sale Agreement
Collateral Arrangement. As a further support for the Procurers‟ Buying Utility’s obligations, on or prior to the Effective Date, the Procurers Buying Utility and the Seller SECI shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the SellerSECI, through which the revenues of the Procurers Buying Utility shall be routed and used as per the terms of the Default Escrow Agreement. The Procurers Buying Utility and the Seller SECI shall contemporaneously with the execution of the Default Escrow Agreement enter into the Agreement to Hypothecate Cum Deed of Hypothecation, whereby the Procurers Buying Utility shall agree to hypothecate, Incremental Receivables to the extent as required for the Letter of Credit as per Article 10.4.26.4.2,. 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 Buying Utility shall ensure that the Seller SECI shall have first ranking charge on the Incremental Receivables in accordance with the terms of the Agreement to Hypothecate Cum Deed of Hypothecation.
Appears in 1 contract
Samples: Standard Power Sale Agreement
Collateral Arrangement. As a further support for the Procurers‟ Discom’s obligations, on or prior to the Effective Date, the Procurers Discom and the Seller Buyer shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the SellerBuyer, through which the revenues of the Procurers Discom shall be routed and used as per the terms of the Default Escrow Agreement. The Procurers Discom and the Seller Buyer shall contemporaneously with the execution of the Default Escrow Agreement enter into the Agreement to Hypothecate Cum Deed of Hypothecation, whereby the Procurers Discom shall agree to hypothecate, Incremental Receivables to the extent as required for the Letter of Credit as per Article 10.4.26.4.2,. 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 Discom shall ensure that the Seller Buyer shall have first ranking charge on the Incremental Receivables in accordance with the terms of the Agreement to Hypothecate Cum Deed of Hypothecation.
Appears in 1 contract
Samples: Standard Power Sale Agreement