NOW THIS AGREEMENT WITNESSETH AS UNDER. At the instance of the Licensee the Escrow Agent has opened a Escrow Account being Account No. with , solely for the proposes of this to duly secure the interest of Maha-Metro in terms of the said Concession Agreement. Maha-Metro and the Licensee hereby appoint (NAME OF BANK ) and (NAME OF BANK ), xxxxxx accepts the appointment as the Escrow Agent in respect of the amounts deposited in the Escrow Account and to hold and administer the proceeds in the said Escrow Account in accordance with the terms and conditions contained herein. The CONCESSIONAIRE hereby unconditionally and irrevocably agree to receive and deposit all receivables of whatsoever nature from sub-leasing/ sub-licensing the use of the built-up spaces or otherwise the Licensed Area at the Specified Area into the Escrow account with the Escrow Agent. The CONCESSIONAIRE agrees to deposit the amounts received in cash at the Escrow Account within 24 hours from the receipt thereof or the immediate next working day in case of a Bank holiday. The CONCESSIONAIRE shall not give credit or make any adjustment against the receivables for any payment due from the Licensee. The CONCESSIONAIRE hereby acknowledges and undertakes not to open or establish any another account other than the Escrow Account with any Bank or Body Corporate for the receipt/ deposit of the receivables from sub-licensing the use of the built-up space or otherwise from the facilities at the Specified Area. The CONCESSIONAIRE shall ensure that no other person is authorized to utilize or appropriate any part of the receivables received from sub-licensing the builtup spaces at the Specified Area. The Escrow Agent has an irrevocable authority to remit and the Escrow Agent shall direct the due remittance to Maha-Metro the amounts becoming due from the CONCESSIONAIRE to Maha-Metro under the LEAES/CONCESSION Agreement as per the claims made by Maha-Metro from time to time. Maha-Metro shall always have the first charge over the project receivables, however the said shall be limited to the extent of amount to be received by Maha-Metro in that respective year. So long any amount is outstanding to Maha-Metro from the Licensee as per the Claims made by Maha-Metro, the amounts in the Escrow Account shall not be utilized for any other purpose other than for making outstanding payments to Maha-Metro. The CONCESSIONAIRE shall ensure and maintain minimum balance equal to one quarterly recurring payment in Maha-Metro Escrow Account/ Maha-Metro Account at all times. After due discharge of all the amounts outstanding to Maha-Metro and maintain minimum balance equal to one quarterly recurring payment, the Escrow Agent shall allow the amount to be utilized by the CONCESSIONAIRE only till such time further amount becomes due from Licensee to Maha-Metro as per the Concession Agreement and/or as per claims made by Maha-Metro. The CONCESSIONAIRE shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims against the persons who are allowed to utilize the built-up space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of Maha-Metro. The Escrow Agent shall compute and maintain records of all the transactions and the copies of such records shall be made available to Maha-Metro as sought from time to time. Names and specimen signatures of the officials of Maha-Metro and the CONCESSIONAIRE authorized to issue notices under this agreement duly attested are annexed. Changes, if any, in the said authorization will be advised to the Escrow Agent from time to time. The Maha-Metro and the Licensee both declare that notwithstanding anything to the contrary herein, this agreement is neither intended nor shall be construed, as an amendment or modification to the Concession Agreement. Except as otherwise expressly provided elsewhere in this Agreement, all notices and/ or communications which are required and remitted to be in writing shall be sufficient if delivered by Registered Post/ Speed post/ courier/ telegram and addressed on the addresses given hereunder: 1. Maha-Metro The Managing Director, Metro Bhavan, VIP Road, Opp. Dr. Xxxxxxxxx Xxxxxxxx College, Near Deekshabhoomi, Nagpur – 440010, 2. Licensee , ,
Appears in 1 contract
Samples: Concession Agreement
NOW THIS AGREEMENT WITNESSETH AS UNDER. At That the instance said office area in premises measures fts approx.. The parking shall be on the government land as the said landlord do not have their own separate parking facility/ or landlord have their own parking facility. That the Tenant shall give monthly rent to the landlord latest by 10th day of each month in Advance, subject to deduction of tax at source at the applicable rate under the provisions of Income Tax Act, for the demised premises. That the Tenant shall pay to the Lessor a monthly maintenance charges of Rs /- on monthly basis, towards Maintenance of Generator & Elevator, Salaries towards guards, Charges for Electricity Maintenance for Common Areas, Charges towards cleaning of Common Areas. That the landlord aforesaid has given the said property to the tenant for the period of 11 Months period starting from After expiry of eleven months the deed may be re-drafted if both the parties agree on the continuation of the Licensee arrangement. That during the Escrow Agent has opened a Escrow Account being Account No. with lease period, solely in addition to the monthly rental amount payable to the Lessor, the Lessee shall pay for the proposes use of this to duly secure electricity & water as per bills received from the interest authorities concerned directly. For all the dues of Maha-Metro in terms electricity bills & Water bills till the date the possession of the said Concession Agreementpremises is handed over by the Lessor to the Lessee it is the responsibility of the Lessor to pay and clear them according to the readings on the respective meters . Maha-Metro The tenant shall be bound to pay Electricity and Maintenance Charges from the Licensee hereby appoint (NAME OF BANK ) effective date of possession of the premises. That the tenant shall use the property only for his own business and (NAME OF BANK )for own office purpose, xxxxxx accepts any other use shall be subject to the appointment as prior written approval of the Escrow Agent landlord. That the Lessee shall comply with all the rules and regulations of the local authority applicable to the demised premises. The tenant shall have the right to apply for Registration regarding Sales Tax / Service Tax /Companies Act or any other government or Act or local authorities in respect of the amounts deposited usage of said premises. That both the parties shall be free to terminate the tenancy period of this Rent Agreement by giving two months notice in advance. In the event of non-payment of rent by the Lessee during the 2 consecutive months despite reminder issued by Lessor on such rent the Lessor shall have the right to terminate the Lease with immediate effect and take back possession of the said premises. That the day-to-day minor repairs will be the responsibility for the Lessee at its own expense. However, any structural or major repairs, if so required, shall be carried out by the Lessor. However at the time of completion of the deed period the tenant shall hand over actual vacant physical possession of the premises in its original conditions. That the Lessor shall pay for all taxes/cesses levied on the premises by the local or government authorities in the Escrow Account way of property tax for the premises and so on. The Lessor represents that he has complied with all the statutory payments of the property including that of taxes, penalties if any and statutory dues to hold the local authority The Lessor shall acknowledge and administer give valid receipts for each and every payment made by the proceeds Lessee to the Lessor, which shall be conclusive proof of such payments. The Lessor agrees that in case of any restructuring or business reorganization of the Lessee entity, Lessee shall have the right to transfer this Leasehold rights in favor any entity emerges out of the said Escrow Account in accordance with restructuring or business reorganization on the same terms and conditions as agreed under this Lease agreement . That both the parties shall observe and adhere to the terms and conditions contained hereinabove. In case of any dispute to this agreement and the clauses herein. The CONCESSIONAIRE hereby unconditionally and irrevocably agree to receive and deposit all receivables of whatsoever nature from sub-leasing/ sub-licensing , the use same will be settled in the jurisdiction of the built-up spaces or otherwise the Licensed Area at the Specified Area into the Escrow account with the Escrow Agent. The CONCESSIONAIRE agrees to deposit the amounts received in cash at the Escrow Account within 24 hours from the receipt thereof or the immediate next working day in case of a Bank holiday. The CONCESSIONAIRE shall not give credit or make any adjustment against the receivables for any payment due from the Licensee. The CONCESSIONAIRE hereby acknowledges and undertakes not to open or establish any another account other than the Escrow Account with any Bank or Body Corporate for the receipt/ deposit of the receivables from sub-licensing the use of the built-up space or otherwise from the facilities at the Specified Area. The CONCESSIONAIRE shall ensure that no other person is authorized to utilize or appropriate any part of the receivables received from sub-licensing the builtup spaces at the Specified Area. The Escrow Agent has an irrevocable authority to remit and the Escrow Agent shall direct the due remittance to Maha-Metro the amounts becoming due from the CONCESSIONAIRE to Maha-Metro under the LEAES/CONCESSION Agreement as per the claims made by Maha-Metro from time to time. Maha-Metro shall always have the first charge over the project receivables, however the said shall be limited to the extent of amount to be received by Maha-Metro in that respective year. So long any amount is outstanding to Maha-Metro from the Licensee as per the Claims made by Maha-Metro, the amounts in the Escrow Account shall not be utilized for any other purpose other than for making outstanding payments to Maha-Metro. The CONCESSIONAIRE shall ensure and maintain minimum balance equal to one quarterly recurring payment in Maha-Metro Escrow Account/ Maha-Metro Account at all times. After due discharge of all the amounts outstanding to Maha-Metro and maintain minimum balance equal to one quarterly recurring payment, the Escrow Agent shall allow the amount to be utilized by the CONCESSIONAIRE only till such time further amount becomes due from Licensee to Maha-Metro as per the Concession Agreement and/or as per claims made by Maha-Metro. The CONCESSIONAIRE shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims against the persons who are allowed to utilize the built-up space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of Maha-Metro. The Escrow Agent shall compute and maintain records of all the transactions and the copies of such records shall be made available to Maha-Metro as sought from time to time. Names and specimen signatures of the officials of Maha-Metro and the CONCESSIONAIRE authorized to issue notices under this agreement duly attested are annexed. Changes, if any, in the said authorization will be advised to the Escrow Agent from time to time. The Maha-Metro and the Licensee both declare that notwithstanding anything to the contrary herein, this agreement is neither intended nor shall be construed, as an amendment or modification to the Concession Agreement. Except as otherwise expressly provided elsewhere in this Agreement, all notices and/ or communications which are required and remitted to be in writing shall be sufficient if delivered by Registered Post/ Speed post/ courier/ telegram and addressed on the addresses given hereunder: 1. Maha-Metro The Managing Director, Metro Bhavan, VIP Road, Opp. Dr. Xxxxxxxxx Xxxxxxxx College, Near Deekshabhoomi, Nagpur – 440010, 2. Licensee , ,civil courts.
Appears in 1 contract
Samples: Rent Agreement
NOW THIS AGREEMENT WITNESSETH AS UNDER. At 1. That the instance foregoing recitals as mentioned above are incorporated herein by this reference and constitutes an integral part of this Agreement. That the housing Loan advanced to the Borrower by HDFC shall be subject to the Borrower's repayment capacity as assessed by HDFC and shall be secured by way of mortgage (by the Borrower) of the Licensee Unit to be acquired by the Escrow Agent has opened a Escrow Account Borrower in the Project in favour of HDFC. That the said mortgage shall be created upon execution of the Conveyance Deed by XXX, in favour of the Borrower, and pending creation of such mortgage, lien on the Unit as created by the Borrower (subject to standard terms and conditions of Provisional Allotment) in favour of HDFC shall be noted by the Company/JIL. The Borrower shall ensure to pay to the Confirming Party/JIL his own contribution in full i.e the cost of the Unit minus the Loan amount being Account Nosanctioned by HDFC before availing of the disbursement from HDFC. with That HDFC shall at the request of the Borrower disburse the Loan to the Borrower by way of cheque drawn in the name of “Jaypee Infratech Limited” payable at [New Delhi, solely for the proposes of this to duly secure the interest of Maha-Metro Noida, Greater Noida] in terms of the said Concession Agreement. Maha-Metro Payment Plan agreed upon between the Borrowers, the Company and the Licensee hereby appoint (NAME Confirming Party/JIL. Any payment made to the Confirming Party/JIL by HDFC on behalf of the Borrower in pursuance of this Agreement and/or the Loan Agreement executed between HDFC and the Borrower, shall be deemed to be a payment made to the Borrower by HDFC and the Borrower shall in each case be liable for the amount of the Loan disbursed. It is further agreed by the Borrower that HDFC shall not be responsible or liable to ensure or ascertain the progress of construction. It shall, however, be the responsibility and obligation of the Borrower to ensure that he pays to the Confirming Party/JIL all amounts due to the JIL, as per payment schedule stipulated in the DOCUMENT OF BANK ) ALLOTMENT. The Borrower will not further mortgage/charge/let out/part with the possession of the said Unit to any person/financial institution for raising any Loan without the prior written consent of HDFC. The Company and (NAME OF BANK )the Confirming Party/JIL shall maintain a separate account of the Borrower and adjust the payment received by it from HDFC/Borrower against the amount due and payable by the Borrower towards the Unit, xxxxxx accepts which may include the appointment interest and/or any other penalties or dues for any breach of the terms of the Document of Allotment and/or this Agreement and other related documents. The above covenants shall not be construed to mean and fasten any responsibility upon HDFC to observe the payment schedule, if any, between the Company/the Confirming Party/JIL and the Borrower. HDFC shall not be responsible for any delay or omission in disbursement of any kind whatsoever. The Borrower shall be responsible to follow up with HDFC to make disbursement in pursuance to this agreement and/or as per any agreement the Escrow Agent Borrower may have with the Company or the Confirming Party/JIL. In the event the Confirming Party/JIL does not receive the respective payments as per the Payment Plan agreed upon between the Borrowers and the Company or the Confirming Party/JIL, then the Company or the Confirming Party/JIL shall have the right to cancel the allotment in favour of the Borrower. The Company/the Confirming Party/JIL undertakes that upon the Borrower paying the entire Consideration and performing its obligations under the Documents of Allotment and other related documents, including payment of necessary stamp duty and other charges for execution of the Conveyance Deed in respect of the amounts deposited Unit in his/her/its favour, the Escrow Account and to hold and administer the proceeds in Conveyance Deed of the said Escrow Account in accordance with the terms and conditions contained herein. The CONCESSIONAIRE hereby unconditionally and irrevocably agree to receive and deposit all receivables of whatsoever nature from sub-leasing/ sub-licensing the use of the built-up spaces or otherwise the Licensed Area at the Specified Area into the Escrow account with the Escrow Agent. The CONCESSIONAIRE agrees to deposit the amounts received in cash at the Escrow Account within 24 hours from the receipt thereof or the immediate next working day in case of a Bank holiday. The CONCESSIONAIRE shall not give credit or make any adjustment against the receivables for any payment due from the Licensee. The CONCESSIONAIRE hereby acknowledges and undertakes not to open or establish any another account other than the Escrow Account with any Bank or Body Corporate for the receipt/ deposit of the receivables from sub-licensing the use of the built-up space or otherwise from the facilities at the Specified Area. The CONCESSIONAIRE shall ensure that no other person is authorized to utilize or appropriate any part of the receivables received from sub-licensing the builtup spaces at the Specified Area. The Escrow Agent has an irrevocable authority to remit and the Escrow Agent shall direct the due remittance to Maha-Metro the amounts becoming due from the CONCESSIONAIRE to Maha-Metro under the LEAES/CONCESSION Agreement as per the claims made by Maha-Metro from time to time. Maha-Metro shall always have the first charge over the project receivables, however the said shall be limited to the extent of amount to be received by Maha-Metro in that respective year. So long any amount is outstanding to Maha-Metro from the Licensee as per the Claims made by Maha-Metro, the amounts in the Escrow Account shall not be utilized for any other purpose other than for making outstanding payments to Maha-Metro. The CONCESSIONAIRE shall ensure and maintain minimum balance equal to one quarterly recurring payment in Maha-Metro Escrow Account/ Maha-Metro Account at all times. After due discharge of all the amounts outstanding to Maha-Metro and maintain minimum balance equal to one quarterly recurring payment, the Escrow Agent shall allow the amount to be utilized by the CONCESSIONAIRE only till such time further amount becomes due from Licensee to Maha-Metro as per the Concession Agreement and/or as per claims made by Maha-Metro. The CONCESSIONAIRE shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims against the persons who are allowed to utilize the built-up space in favour of any person including Unit in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of Maha-Metro. The Escrow Agent shall compute and maintain records of all the transactions and the copies of such records Borrower shall be made available to Maha-Metro as sought from time to time. Names executed by the Confirming Party/JIL and specimen signatures shall be submitted for registration within 30 days after the delivery of possession of the officials of Maha-Metro and the CONCESSIONAIRE authorized to issue notices under this agreement duly attested are annexed. Changes, if any, in the said authorization will be advised Unit to the Escrow Agent from time Borrower under intimation to timeHDFC. The Maha-Metro It is further agreed by the Borrower that HDFC shall not be responsible or liable to ensure or ascertain the progress and quality of construction. Without prejudice to the Licensee both declare that above and notwithstanding anything to the contrary herein, this agreement is neither intended nor shall be construed, as an amendment or modification contained herein HDFC may in its sole discretion refuse to disburse the Concession Agreement. Except as otherwise expressly provided elsewhere in this Agreement, all notices and/ or communications which are required and remitted to be in writing shall be sufficient if delivered by Registered Post/ Speed post/ courier/ telegram and addressed on the addresses given hereunder: 1. Maha-Metro The Managing Director, Metro Bhavan, VIP Road, Opp. Dr. Xxxxxxxxx Xxxxxxxx College, Near Deekshabhoomi, Nagpur – 440010, 2. Licensee , ,Loan until:
Appears in 1 contract
Samples: Quadrapartite Agreement
NOW THIS AGREEMENT WITNESSETH AS UNDER. At For the instance purpose of this agreement, parties hereby appoint the Licensee ________bank as the Escrow Agent has opened a Escrow Account being Account No. with , solely for the proposes of this to duly secure the interest of Maha-Metro in terms of the said Concession Agreement. Maha-Metro Bank and the Licensee Escrow Bank hereby appoint (NAME OF BANK ) and (NAME OF BANK ), xxxxxx accepts the appointment as the Escrow Agent in respect of the amounts deposited in the Escrow Account and to hold and administer the proceeds in the said Escrow Account in accordance with Bank on the terms and conditions contained herein. The CONCESSIONAIRE hereby unconditionally CLIENT declares and irrevocably agree to receive and deposit all receivables of whatsoever nature from sub-leasing/ sub-licensing undertakes that any amount received by CLIENT towards electricity duty/ electricity tax shall be deposited by the use of the built-up spaces or otherwise the Licensed Area at the Specified Area into the Escrow account with the Escrow Agent. The CONCESSIONAIRE agrees to deposit the amounts received CLIENT in cash at the Escrow Account within 24 hours in entirety immediately on receipt of same through collection of cheques or by electronic form and such receipt shall be utilized for payment to EESL. The CLIENT irrevocably and unconditionally hereby authorizes Escrow Bank to debit the amount on due dates as mentioned in Schedule A from the receipt thereof or Escrow Account and remit the immediate next working day same to EESL in case the account no…………………………. with …… Bank. Parties hereby agree that such payments made by CLIENT through Account Bank to EESL as mentioned above shall be treated as valid discharge of a Bank holidayobligation of CLIENT. The CONCESSIONAIRE CLIENT also declares and undertakes that it shall not give collect, credit or make any adjustment against receivables directly or through any other person except as provided under this Agreement and shall ensure that no other person is being authorized to utilize or appropriate any part of the receivables for any payment due receivables, presently flowing to the Escrow Account. The CLIENT hereby creates a first lien and acknowledges and undertakes to ensure the deposit to the Escrow Account of first flow of revenue including capital receipts and other receipts amounting to not less than ……………… (Rs. in words……………………………………..)i.e. __-months of annuity (Minimum Required Amount) towards total project dues amounting to Rs ……………….., from the LicenseeCLIENT’s Main Working Capital Account maintained with the Escrow Bank, where all the CLIENTs receivables which includes all monies including but not limiting to the revenue accruing to the CLIENT by sale of Electricity or otherwise is deposited, to which Escrow Bank has no objection. The CONCESSIONAIRE hereby CLIENT undertakes to complete all the formalities in this regard including filing of requisite returns/ formalities with Registrar of Companies (ROC). That CLIENT further confirms, agrees and undertakes thatat any time, if sufficient inflows are not available in the account for payment of dues of EESL (As per Schedule A), the Account Bank shall utilize the Minimum Required Amount for payment of the dues. As and when the Minimum Required Amount goes below the 3 months annuity amount due to utilization for payment of dues, CLIENT shall immediately replenish the amount from other sources to maintain the 3 months annuity. CLIENT further acknowledges and undertakes not to open or establish any another other account other than for the purpose of collection of its electricity duty/ electricity tax as aforesaid. That if CLIENT fails to pay to EESL the required amount on due date as per Schedule A, the EESL shall instruct the ESCROW Bank to remit the amount immediately on receipt of the amount in the Escrow Account. And CLIENT further confirms and undertakes that any payment received in the said Escrow Account shall be utilized firstly for payment of EESL dues. CLIENT irrevocably and unconditionally authorizes the Escrow Bank to make payments to the EESL from the Escrow Account with to discharge the outstanding dues of EESL on due dates as per Schedule A hereunder. Should for any reason, the balance in the Escrow Account is insufficient to meet fully the payment demanded by the EESL, the Escrow Bank or Body Corporate for may debit and make remittance to the receipt/ deposit EESL to the extent available there in and when further credits are affected /received in the Escrow Account, the Escrow Bank shall continue to make remittance to the EESL till the full amount as per notice of demand is paid. CLIENT and the Escrow Bank confirm that CLIENT has given an irrevocable and unconditional authorization under this agreement in favor of the receivables Escrow Bank extending inter-alia, the mandate to discharge the commitments under this Agreement from sub-licensing time to time and CLIENT and the use Escrow Bank shall not revoke the mandate without the prior written approval and consent of the built-up space or otherwise from the facilities at the Specified Area. The CONCESSIONAIRE shall ensure that no other person is authorized to utilize or appropriate any part of the receivables received from sub-licensing the builtup spaces at the Specified AreaEESL. The Escrow Agent has an irrevocable authority Bank shall not have any lien or right or right to remit and set off or be entitled to assert a general claim on the monies in the Escrow Agent shall direct the due remittance to Maha-Metro the amounts becoming due from the CONCESSIONAIRE to Maha-Metro under the LEAES/CONCESSION Agreement as per the claims made by Maha-Metro from time to time. Maha-Metro shall always have the first charge over the project receivables, however the said shall be limited Account to the extent of demand raised by EESL nor shall such amount, being trust property hereunder, be treated as its assets in the event of its bankruptcy or liquidation, and that such amount shall at all times during the currency of this Agreement accrue to be received by Maha-Metro the benefit of EESL in that respective yearaccordance with the provisions of this Agreement. So long any The amount is outstanding to Maha-Metro from the Licensee as per the Claims made by Maha-Metro, the amounts deposited in the Escrow Account shall be applied by Escrow Bank as provided herein this agreement. For the purposes of this agreement, Sec.20 of the Indian Trust Act, 1882 shall not apply. The parties shall be governed and construed in accordance with the Indian Laws and the parties hereby irrevocably submit to the exclusive jurisdiction of the court at New Delhi to entertain and decide any dispute relating to or arising out of this agreement. In the event of any dispute or difference relating to the interpretation and application of the provisions of the contracts, such dispute or difference shall be referred by either party to the Arbitration of one of the Arbitrators in the Department of Public Enterprises to be nominated by the Secretary to the Government of India in charge of the Bureau of Public Enterprises. The Arbitration Act, 1940 shall not be utilized for any other purpose other than for making outstanding payments applicable to Maha-Metroarbitration under the clause. The CONCESSIONAIRE award of the arbitrator shall ensure be binding upon the parties to the dispute provided however any party aggrieved by such award may make further reference for setting aside or revision of the award to the Law secretary, Department of Legal Affairs. Ministry of Law & Justice, Government of India. Upon such reference the dispute shall be decided by the Law Secretary whose decision shall bind the parties finally and maintain minimum balance equal conclusively. The parties to one quarterly recurring payment the dispute will share equally the cost of arbitration as intimated by the Arbitrator. The CLIENT shall indemnify the Escrow Bank against any financial liability while discharging its duty being an Escrow Bank. No claim shall lie against the Escrow Bank whether monetary or otherwise from the EESL or the CLIENT, in Mahathe event of non-Metro Escrow Account/ Maha-Metro Account at all times. After due discharge remittance of all the amounts outstanding to Maha-Metro and maintain minimum balance equal to one quarterly recurring payment, the Escrow Agent shall allow the amount to be utilized by the CONCESSIONAIRE only till such time further amount becomes due from Licensee to Maha-Metro as per the Concession Agreement and/or as per claims made by Maha-Metro. The CONCESSIONAIRE shall not create any charge over the receivables including the amounts in of the Escrow Account to the EESL by the Escrow Bank due to reasons of force majeure i.e. strikes, riots, and also the actionable claims against the persons who are allowed to utilize the built-up space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of Maha-Metronatural calamities. The Escrow Agent Bank shall compute furnish the monthly bank statement of Escrow Account by the first week of the succeeding month to the EESL or as and maintain records of all when called for by the transactions and the copies of such records shall be made available to Maha-Metro as sought from time to timeEESL. Names and specimen signatures of the EESL’s officials of Maha-Metro and the CONCESSIONAIRE authorized to issue notices notice to Escrow Bank under this agreement Agreement in case of default by the EESL, duly attested are annexed. Changes, if any, Any change in the said authorization will be advised to Escrow Bank at the Escrow Agent from time to appropriate time. The Maha-Metro and the Licensee both declare that notwithstanding anything to the contrary herein, this agreement is neither intended nor shall be construed, as an amendment or modification to the Concession Agreement. Except as otherwise expressly provided elsewhere in this Agreementagreement, all notices and/ or communications and/or communications, which are required required, and remitted to be in writing and shall be sufficient if delivered delivery by Registered Post/ Registered/Speed post/ courier/ telegram and Post/Facsimile/Courier/ Telegram shall be addressed on the addresses address given hereunder: 1. Maha-Metro This Escrow Agreement constitutes the entire agreement and understanding between the Parties with respect to its subject matter (i.e. the escrow arrangement) and replaces and supersedes all prior agreements, arrangements, undertakings or statements regarding such subject matter. No variation of or amendment to this Escrow Agreement shall be effective unless made in writing and executed by all the Parties hereto. Neither this Escrow Agreement nor any of the rights or obligations hereunder may be assigned by a Party without the prior written consent of the other Parties. Whenever possible, each provision of this Escrow Agreement shall be interpreted in such a way as to be effective and valid under law, but if any provision of this Escrow Agreement is unenforceable or invalid under law, such provision shall be ineffective only to the extent of such unenforceability or invalidity, and the remaining provisions of this Escrow Agreement shall continue to be binding and in full force and effect. Unless otherwise determined by a competent jurisdiction, the Parties, their employees, representatives and agents shall keep the provisions of this Escrow Agreement strictly confidential and, except as may be required by applicable laws, shall make no disclosure thereof to any person, except the Parties' respective legal counsel and professional advisers, without the prior written consent of the other Parties. The Managing Director, Metro Bhavan, VIP Road, Opp. Dr. Xxxxxxxxx Xxxxxxxx College, Near Deekshabhoomi, Nagpur – 440010, 2. Licensee , ,Agreement shall remain valid till the entire dues of EESL are paid.
Appears in 1 contract
