Escrow mechanism. 15.10.1. The Concessionaire shall, prior to COD, give an irrevocable standing instruction to the Bank, where the Designated Bank Account is established, to make payments towards due and payable amounts first in respect of statutory dues and then in respect of dues to the Lenders in priority to all other payments. The Authority or its Account Bank shall make the payment of all due and payable amounts to the Concessionaire into the Designated Bank Account in accordance with clause 15.
Appears in 7 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
