Common use of Deposits into Escrow Account Clause in Contracts

Deposits into Escrow Account. The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account: (a.) all funds constituting the financial package disbursed by Lenders in terms of the Financing Agreements; (b.) all revenues from or in respect of the Project including amount received under power payments received from KSEB as per Article 9.2.1 and Tipping Fee payments received from the Authority as per Article 9.1 and additional revenue received as per Article 9.3 & 9.5, and insurance claims; Provided that the Senior Lenders may make direct disbursements to the EPC Contractor in accordance with the express provisions contained in this behalf in the Financing Agreements. The Authority shall at all times and in any month of the Concession, ensure that in the Reserve Sub-Account (“Reserve Fund”) under the Escrow Account, an amount equivalent to immediately next three months Tipping Fee payable to Concessionaire, as per Article 9.1, in accordance with terms hereof, is deposited and maintained. The Parties agree that so long as the Concessionaire performs its obligations hereunder and the Authority does not notify the Escrow Bank in respect of any non-performance or breach of obligation by Concessionaire directing Escrow bank to stop any appropriation from Reserve Fund; in case of any delay by the Authority in payment of due and undisputed amount to Concessionaire subject to and in accordance with terms hereof; the Concessionaire shall be entitled to tap the Reserve Fund to withdraw the amount due, which would be deposited and applied as per the application order agreed herein. In case of such tapping, the Authority shall forthwith top up and maintain the required reserve in the Reserve Fund.

Deposits into Escrow Account. The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account: (a.) all funds constituting the financial package disbursed by Lenders Xxxxxxx in terms of the Financing Agreements; (b.) all revenues from or in respect of the Project including amount received under power payments received from KSEB as per Article 9.2.1 and Tipping Fee payments received from the Authority as per Article 9.1 and additional revenue received as per Article 9.3 & 9.5, and insurance claims; Provided that the Senior Lenders may make direct disbursements to the EPC Contractor in accordance with the express provisions contained in this behalf in the Financing Agreements. The Authority shall at all times and in any month of the Concession, ensure that in the Reserve Sub-Account (“Reserve Fund”) under the Escrow Account, an amount equivalent to immediately next three months Tipping Fee payable to Concessionaire, as per Article 9.1, in accordance with terms hereof, is deposited and maintained. The Parties agree that so long as the Concessionaire performs its obligations hereunder and the Authority does not notify the Escrow Bank in respect of any non-performance or breach of obligation by Concessionaire directing Escrow bank to stop any appropriation from Reserve Fund; in case of any delay by the Authority in payment of due and undisputed amount to Concessionaire subject to and in accordance with terms hereof; the Concessionaire shall be entitled to tap the Reserve Fund to withdraw the amount due, which would be deposited and applied as per the application order agreed herein. In case of such tapping, the Authority shall forthwith top up and maintain the required reserve in the Reserve Fund.

Deposits into Escrow Account. The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account: (a.a) all funds constituting the financial package disbursed by Lenders in terms of the Financing Agreements; (b.b) all revenues from or in respect of the Project including amount received under power payments Additional Amount received from KSEB as per Article 9.2.1 and Tipping Fee payments received from the Authority AMC as per Article 9.1 and additional revenue received as per Article 9.3 & 9.59.3.2, and insurance claims; c) all payments made by the AMC on account of the SBM Grant and Support payment; and Provided that the Senior Lenders may make direct disbursements to the EPC Contractor in accordance with the express provisions contained in this behalf in the Financing Agreements. The Authority AMC shall at all times and in any month of the ConcessionConcession , ensure that in the Reserve Sub-Sub- Account (“Reserve Fund”) under the Escrow Account, an amount equivalent to immediately next three two months Tipping Fee fee payable to Concessionaire, as per Article 9.1, Concessionaire in accordance with terms hereof, is deposited and maintained. The Parties agree that so long as the Concessionaire performs its obligations hereunder and the Authority AMC does not notify the Escrow Bank in respect of any non-performance or breach of obligation by Concessionaire directing Escrow bank to stop any appropriation from Reserve Fund; in case of any delay by the Authority AMC in payment of due and undisputed amount to Concessionaire subject to and in accordance with terms hereof; the Concessionaire shall be entitled to tap the Reserve Fund to withdraw the amount due, which would be deposited and applied as per the application order agreed herein. In case of such tapping, the Authority AMC shall forthwith top up and maintain the required reserve in the Reserve Fund.

Deposits into Escrow Account. The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account: (a.) all funds constituting the financial package disbursed by Lenders in terms of the Financing Agreements; (b.) all revenues from or in respect of the Project including amount received under power payments received from KSEB as per Article 9.2.1 Article 9 . 2 . 1 and Tipping Fee payments received from the Authority as per Article 9.1 9 . 1 and additional revenue received as per Article 9.3 & &9.5, and insurance claims; Provided that the Senior Lenders may make direct disbursements to the EPC Contractor in accordance with the express provisions contained in this behalf in the Financing Agreements. The Authority shall at all times and in any month of the Concession, ensure that in the Reserve Sub-Account (“Reserve Fund”) under the Escrow Account, an amount equivalent to immediately next three months Tipping Fee payable to Concessionaire, as per Article 9.1, in accordance with terms hereof, is deposited and maintained. The Parties agree that so long as the Concessionaire performs its obligations hereunder and the Authority does not notify the Escrow Bank in respect of any non-performance or breach of obligation by Concessionaire directing Escrow bank to stop any appropriation from Reserve Fund; in case of any delay by the Authority in payment of due and undisputed amount to Concessionaire subject to and in accordance with terms hereof; the Concessionaire shall be entitled to tap the Reserve Fund to withdraw the amount due, which would be deposited and applied as per the application order agreed herein. In case of such tapping, the Authority shall forthwith top up and maintain the required reserve in the Reserve Fund.

Deposits into Escrow Account. The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account: (a.) all funds constituting the financial package disbursed by Lenders in terms of the Financing Agreements; (b.) all revenues from or in respect of the Project including amount received under power payments received from KSEB as per Article 9.2.1 and Tipping Fee payments received from the Authority as per Article 9.1 and additional revenue received as per Article 9.3 & 9.5, and insurance claims; Provided that the Senior Lenders may make direct disbursements to the EPC Contractor Contractor, in accordance with the express provisions contained in this behalf in the Financing AgreementsAgreement. The Authority shall at all times and in any month of the Concession, ensure that in the Reserve Sub-Account (“Reserve Fund”) under the Escrow Account, an amount equivalent to immediately next three months Tipping Fee payable to Concessionaire, as per Article 9.1, in accordance with terms hereof, is deposited and maintained. The Parties agree that so long as the Concessionaire performs its obligations hereunder and the Authority does not notify the Escrow Bank in respect of any non-performance or breach of obligation by Concessionaire directing Escrow bank to stop any appropriation from Reserve Fund; in case of any delay by the Authority in payment of due and undisputed amount to Concessionaire subject to and in accordance with terms hereof; the Concessionaire shall be entitled to tap the Reserve Fund to withdraw the amount due, which would be deposited and applied as per the application order agreed herein. In case of such tapping, the Authority shall forthwith top up and maintain the required reserve in the Reserve Fund.