Interest Free Security Deposit. 8.1 The Lessee covenants and agrees that during the Lease Term it shall keep with the Lessor, the Interest Free Security Deposit for due compliance, fulfillment, observance and performance in letter and spirit of the Lessee’s obligations towards the Lessor relating to the Demised Premises and use thereof. Accordingly, the Lessee shall keep deposited, as Interest Free Security Deposit, as stipulated in Item 11 of Schedule II due and payable for the Demised Premises for the period stated therein. This amount shall be deposited by the Lessee with the Lessor on the Commencement Date.
8.2 During the Initial Term and the Renewal Term, the Interest Free Refundable Security Deposit shall be escalated as defined in Item 12 of Schedule II.
8.3 In the event that this Deed is renewed for the Renewal Term in accordance with Clause 4.3 above or otherwise howsoever, then on the expiration of the Initial Term there shall be no requirement on part of the Lessor to refund the Interest Free Security Deposit applicable to that Period (save and except the pre-determination of lease in terms of this Deed), but upon any escalation in the Interest Free Refundable Security Deposits as defined in Item 12 of Schedule II, the Lessee shall pay over the deficit amount in the Interest Free Security Deposit lying with the Lessor to make up for the short-fall in the Interest Free Security Deposit applicable to the relevant periods.
8.4 The Interest Free Security Deposit will be refunded by the Lessor to the Lessee within 15 (fifteen) days of the Lessee handing over quiet, vacant and peaceful possession/charge of the Demised Premises to the Lessor on the termination of the Lease, either by efflux of the For Freshworks Technologies Pvt Ltd For AIROLI ITP Development Private Limited Authorized Signatory Authorized Signatory Xxxxxx’x initial Lessee’s initial time or on its early termination under the various provisions set out hereunder, after deducting therefrom all amounts referred to in Clause 8 hereunder. The deduction of the amounts from the Interest Free Security Deposit shall be without prejudice to the other rights of the Lessor under this Deed or in law and without the Lessee being absolved of his obligations under this Deed.
8.5 If however, this Deed is terminated by either party, OR on expiry of this Deed by the efflux of time, then the Interest Free Security Deposit will be refunded to the Lessee on such termination, after deducting all outstanding amounts / charges due and payabl...
Interest Free Security Deposit. The Allottee shall pay over and above the monthly running Maintenance Charges, an amount calculated at the rate of Rs 20 (twenty) per sq ft of the Apartment Area towards the Interest Free Security Deposit (“IFSD”) to the Developer on or before the Possession Date. The said IFSD shall be kept with the Developer/Association in order to secure adequate provision of the maintenance services and due performance of the Allottee in promptly paying the maintenance bills and other charges as may be raised by the Developer/Association. The unused portion of such shall be transferred by the Developer to the Association without interest when incorporated.
Interest Free Security Deposit a.) Licensee shall pay Interest Free Security Deposit to DMRC, equal to 12 (Twelve) months license fee payable in advance.
b.) The Interest Free Security Deposit up to Rs.10 Lacs shall be accepted only in the form of Bank Draft/ Pay Order in favour of DMRC Ltd. payable at New Delhi. However, if the amount of Interest Free Security Deposit exceeds Rs. 10 Lacs, initial Rs. 10 Lacs shall be paid in form of Bank Draft / Pay Order in favour of DMRC Ltd. and the remaining amount exceeding Rs. 10 Lacs; minimum 50% amount shall be paid in form of Bank Draft/ Pay Order (upto a maximum of Rs. 50 Lacs) & balance or 50% shall be paid in the form of Bank Guarantee (BG) in favour of DMRC Ltd.
c.) The Bank Draft/ Pay Order issued against Interest Free Security Deposit shall be in favour of DMRC Ltd. payable at New Delhi issued from a Scheduled Commercial Bank based in India,
d.) Irrevocable Bank Guarantee issued against Interest Free Security Deposit shall be in the prescribed format of DMRC issued by the State Bank of India or any other Nationalized Bank or other Scheduled Commercial Banks, acceptable to DMRC, payable at its Branches located in Delhi/ NCR. The Bank Guarantee shall be valid at least for three year. The Bank Guarantee shall be renewed & extended before expiry of earlier Bank Guarantee, failing which the previous Bank Guarantee shall be invoked & encashed by DMRC without any prior intimation to the Licensee. For last year of license period as applicable, the Licensee shall submit the Bank Guarantee valid for remaining license period plus six months and shall renew it, if required, till the final settlement of all accounts failing which the Bank Guarantee of the Successful bidder shall be invoked & encashed by DMRC without any prior notice to the Licensee.
e.) The Bank Guarantee issuing bank as defined in clause no. 7.2 (d) above must be on the Structured Financial Messaging System (SFMS) platform. A separate advice of the Bank Guarantee will be invariably be sent by issuing bank to the DMRC’s designated bank through SFMS and only after this, the Bank Guarantee will become operative and acceptable to DMRC. Accordingly, it is licensee’s responsibility to advice DMRC’s bank particulars at present, in this regard as detailed below to Bank Guarantee issuing bank and ensure the forwarding of advice of said Bank Guarantee through SFMS to DMRC’s bank:
f.) Interest Free Security Deposit will remain unchanged for a variation of (+/-) 10% from tendered area, as there...
Interest Free Security Deposit. Performance Security shall be refunded after the completion of full term of the License period i.e. 5 years from commencement date of License Agreement
Interest Free Security Deposit. 4.1. FuelEnt has deposited a Security Deposit of Rs. 1,00,000.00 [Rupees One Lakh only] to NRL. NRL is authorized to and/or forfeit the said Security Deposit against the violation of any regulatory provision and breach of terms and conditions of this agreement including addendums and/or supplementary/associate agreements/standard operating procedures.
Interest Free Security Deposit. 3.2.1. The Licensee shall submit an interest free Security Deposit to the CMRL for a sum equivalent to INR 25,07,11,709, (Rupees Twenty five crore seven lakh eleven Thousand seven hundred and nine only) for the said Licensed Space(s) with a validity of three years. Further, security deposit shall also be submitted for advance license fee of any additional areas. This Security Deposit shall be submitted within 30 days of issue of the LOA. The Security Deposit shall be in the form of Bank Guarantee in favor of “Chennai Metro Rail limited”, drawn on any Public-Sector Bank and payable at Chennai. The Bank Guarantee for Security Deposit shall be renewed after every three years for a sum equivalent to one year‟s recurring fee (License fee + maintenance if any + utility area if any) of applicable License Fee for that year (i.e. License fee + maintenance fee if any) with a validity of three years.
3.2.2. The Security Deposit would however be forfeited in case of any „Event of Default‟ as described in the Draft Leave and License Agreement and/or in accordance with terms specified elsewhere in the Bid Document.
3.2.3. Upon the CMRL/LICENSOR being of the view that the Licensee has committed any breach or default of this Agreement, CMRL/LICENSOR shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to en-cash and appropriate the relevant amounts from the Security Deposit as loss/damages for such breach or default. Upon such encashment and appropriation from the Security Deposit, the Licensee shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Security Deposit, and in case of appropriation of the entire Security Deposit provide a new Security Deposit, as the case may be, and the Licensee shall, within the time so granted, replenish or furnish fresh Security Deposit as aforesaid failing which CMRL/LICENSOR shall be entitled to terminate this Agreement and forfeit the remaining amounts of the Security Deposit, if any.
3.2.4. The Licensee agrees and undertakes to keep the Security Deposit valid on roll over basis throughout the License Period till the end of the License Period plus 180 days thereafter. The Security Deposit shall not carry interest. The Security Deposit /Security Deposit shall not carry any interest.
3.2.5. The said Security Deposit shall be returned by CMRL/LICENSOR after the expiry of the License Period without any interest subject to fulfillment of all handin...
Interest Free Security Deposit. As and by way of assurance to the LICENSOR, for the due and proper performance of all its obligations (whether mentioned herein and/or not) including the vacating of the Licensed Premises, on the expiry of this Leave and License Agreement, (in addition to the payment of the License Fee and all other amounts as mentioned herein and as may be intimated hereafter which shall be paid only if approved by the Licensee) the LICENSEE has, at the time of taking physical possession of said property will deposit with the LICENSOR, a refundable non-interest bearing SECURITY DEPOSIT amounting to RS.1,23,22,500/- (Rupees One Crore Twenty Three Lacs Twenty Two Thousand Five Hundred only). And the LICENSEE has agreed with the LICENSOR, to maintain during the term of this Leave and License Agreement, such minimum amount as a refundable non-interest bearing Security Deposit. The LICENSEE has agreed that such refundable non-interest bearing Security Deposit shall be retained by the LICENSOR till the time this agreement is valid/till the end of the licensed period. The Licensor and Licensee shall mutually decide the amounts, if any, payable to the Licensor in case there is a default on the part of licensee or if any amount is due to the Licensor and the Licensee shall pay the said mutually decided amount by cheque. And the balance of the said refundable interest free security deposit, (after adjustment towards unpaid monthly License Fee and/or breakages and/or damages and/or losses and/or repairs re painting and/or any other amounts what so ever due to the LICENSOR AND/OR THIRD PARTY, including provision for estimated outstanding telephone bills, internet facility, electricity charges, cable television wiring installation losses, costs expenses and the likes as may be mutually decided by both the parties to this agreement) will be refunded by the LICENSOR to the LICENSEE, simultaneously against the LICENSEE handing over the vacant charge of the licensed premises back to the LICENSOR, in the same state and condition, reasonable wear and tear excepted, in which it is on a reasonable basis, at the commencement of the license permission. The Licensee shall not be required to vacate the licensed premises till cheque paid towards the refund of security deposit is cleared.
Interest Free Security Deposit. Performance Security will be refunded after adjusting any payable dues without consideration of any interest, after completion of full term of the License Agreement
Interest Free Security Deposit. The Allottee shall pay, over and above the monthly running Maintenance Charges and the Maintenance Security Deposit, an amount equivalent to 6 (Six) months proposed monthly Maintenance Charges towards the Interest Free Security Deposit (“IFSD”) to the Promoter calculated at the rate of Rs 3.67 (Rupees Three and sixty-seven paise only) per square feet of the carpet area of the Apartment per month on Possession Date. The said IFSD shall be kept with the Promoter in order to secure adequate provision of the maintenance services and due performance of the Allottee in promptly paying the maintenance bills and other charges as raised by the Promoter/Maintenance Company/Association. If the said IFSD remains unutilised then the same shall be transferred to the Association as and when desired by the Association.
Interest Free Security Deposit. Performance Security will be refunded after successful completion of the full term of the License period & In case of surrender of license after completion of lock in period as per the provisions of the Agreement, after adjusting any dues payable to NMRC and after final settlement, without consideration of any interest after completion of License Agreement.
