Default Escrow Account. 13.1.1 The Utility and the Supplier shall, prior to the Appointed Date, execute a default escrow agreement with the Utility‟s bank substantially in the form specified in Schedule-C (the “Default Escrow Agreement”) for the establishment and operation of the default escrow account (the “Default Escrow Account”) in favour of the Supplier. The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank where at least 30% (thirty per cent) of the Utility‟s total monthly Revenues are normally deposited (the “Default Escrow Bank”). The Utility expressly agrees and undertakes that throughout the term of the Contract Period, no less than 30% (thirty per cent) of its total Revenues shall continue to be deposited at that bank or any substitute thereof that the Parties may by mutual agreement determine and Revenues equivalent to 30% (thirty per cent) of the annual Capacity Charge (the “Maximum Monthly Payment”) shall be routed every month through the Default Escrow Account in accordance with the provisions of this Clause 13.1 and the Default Escrow Agreement.
Default Escrow Account. 13.1.1 Deleted. 13.1.2 Deleted. 13.1.3 Deleted. 13.1.4 Deleted.
Default Escrow Account. 28.1.1 The Authority and the Concessionaire shall, prior to the Appointed Date, execute a default escrow agreement with the Authority’s bank substantially in the form specified in Schedule-O (the “Default Escrow Agreement”) for the establishment and operation of the default escrow account (the “Default Escrow Account”) in favour of the Concessionaire. The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank where the Authority receives the testing fees for Transport Vehicles availing Vehicle Testing (the “Default Escrow Bank”). The Authority expressly agrees and undertakes that throughout the term of the Concession Period, the testing fees from the Transport Vehicles owners for conducting Vehicle Testing at all the automated inspection and certification centers in the city of [•] shall continue to be deposited at the Default Escrow Bank or any substitute thereof that the Parties may by mutual agreement determine, and a sum equivalent to [•] number of Transport Vehicles multiplied by the Base Testing Rate (“Maximum Monthly Payment”) from the testing fees received by the Authority shall be routed every month through the Default Escrow Account in accordance with the provisions of this Clause 28.1 and the Default Escrow Agreement.
Default Escrow Account. MCGM and the Concessionaire shall, prior to the Appointed Date, execute a default escrow agreement with MCGM’s bank substantially in the form specified in Schedule-C (the “Default Escrow Agreement”) for the establishment and operation of the default escrow account (the “Default Escrow Account”) in favour of the Concessionaire. The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank (the “Default Escrow Bank”). Where Payment Security Fund due to the Concessionaire based on Tariff is normally deposited. MCGM expressly agrees and undertakes that throughout the term of the Contract Period, amounted no less than a Total Half Yearly payment to the Concessionaire based on Tariff shall continue to be deposited at that bank.
Default Escrow Account. NMMC and the Concessionaire shall, prior to the Appointed Date, execute a default escrow agreement with NMMC’s bank substantially in the form specified in Schedule-B (the “Default Escrow Agreement”) for the establishment and operation of the default escrow account (the “Default Escrow Account”). The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank (the “Default Escrow Bank”) where the Payment Security Fund due to the Concessionaire based on Tariff is normally deposited. All charges and fees levied by the Default Escrow Bank with respect to the Default Escrow Account shall be borne by the Concessionaire. NMMC expressly agrees and undertakes that throughout Contract Period, an amount of not less than 6 (six) times of the Total Monthly Charge payable to the Concessionaire based on Tariff, shall be deposited and maintained by NMMC in such Default Escrow Account. In case NMMC fails to maintain or replenish such Payment Security Fund maintained in the Default Escrow Account, then it will be regarded as an NMMC Default in terms of Article 18.2.1
Default Escrow Account. 27.1.1 The Authority and the Concessionaire shall, within 30 (thirty) days from the Commencement Date, but in any case prior to the Appointed Date, execute a default escrow agreement with the Authority’s bank substantially in the form specified in Schedule-P (the “Default Escrow Agreement”) for the establishment and operation of the default escrow account (the “Default Escrow Account”) in favour of the Concessionaire. The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank where at least 40% (forty per cent) of the Authority’s total monthly Revenues are normally deposited (the “Default Escrow Bank”). The Authority expressly agrees and undertakes that throughout the term of the Concession Period, no less than 40% (forty per cent) of its total Revenues shall continue to be deposited at that bank and Revenues equivalent to 3 (three) times the applicable Unitary Charge (the “Maximum Monthly Payment”) shall be routed every month through the Default Escrow Account in accordance with the provisions of this Clause 27.1 and the Default Escrow Agreement.
Default Escrow Account. 13.1.1 The Utility and the Supplier shall, prior to the Appointed Date, execute a default escrow agreement with the Utility’s bank substantially in the form specified in Schedule-C (the “Default Escrow Agreement”) for the establishment and operation of the default escrow account (the “Default Escrow Account”) in favour of the Supplier. The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank where Utility’s revenue of at least twice the Monthly Payment are normally deposited (the “Default Escrow Bank”).The Utility expressly agrees and undertakes that throughout the term of the Contract Period, no less than twice the Monthly Payment shall continue to be deposited at that bank or any substitute thereof that the Parties may by mutual agreement determine and Revenues equivalent to 1.1 times the sum of 1/12th of the applicable annual Capacity Charge for the relevant year and 1/12th of the total amount paid on account of variable charge for the last year (the “Monthly Payment”) shall be routed every month through the Default Escrow Account in accordance with the provisions of this Clause 13.1 and the Default Escrow Agreement. Provided that in the first year of operation, total amount of variable charge shall be assessed by multiplying energy generation at normative availability and applicable variable charge.
