Common use of Payment Reserve Account Clause in Contracts

Payment Reserve Account. 24.1.1 The Authority shall, at least 60 (sixty) days prior to the Commercial Operation Date, [open and establish] an account (“Payment Reserve Account”) with a bank and shall maintain such Payment Reserve Account in accordance with the payment reserve agreement (the “Payment Reserve Agreement”) to be entered into amongst the Concessionaire, the Authority and the bank at least 75 (seventy five) days prior to the Commercial Operation Date. 24.1.2 The Authority shall, at least [●] days prior to the Commercial Operation Date, deposit or cause to be deposited in the Payment Reserve Account, an amount equivalent to 3 (three) months revenue of the Project and shall continue to maintain such account throughout the Operation Period. For the purpose of Clause 24.1, the term revenue shall mean: (a) during the first 3 (three) months of the Operation Period: the reimbursement estimated to be received by the Concessionaire from the Authority (in accordance with Clause 23.2.1) for the first 3 (three) months of the Concession Period; and (b) after the first 3 (three) months of the Operation Period: the reimbursement received by the Concessionaire from the Authority (in accordance with Clause 23.2.1), in the immediately preceding 3 (three) months. 24.1.3 In the event of default or delay in payment set out in Clause 23.2.1 by the Authority beyond a period of 60 (sixty)) days, the Concessionaire shall be entitled to encash and appropriate the required amounts from the Payment Reserve Account. 24.1.4 If the Concessionaire encashes and appropriates any such required amount from the Payment Reserve Account in accordance with Clause 24.1.3, the Authority shall replenish such Payment Reserve Account within 15 (fifteen) days from the date of such drawing. [OR]30

Payment Reserve Account. 24.1.1 The Authority shall, at least 60 (sixty) days prior to the Commercial Operation Date, [open and establish] an account (“Payment Reserve Account”) with a bank and shall maintain such Payment Reserve Account in accordance with the payment reserve agreement (the “Payment Reserve Agreement”) to be entered into amongst the Concessionaire, the Authority and the bank at least 75 (seventy five) days prior to the Commercial Operation Date. 24.1.2 The Authority shall, at least [●] days prior to the Commercial Operation Date, deposit or cause to be deposited in the Payment Reserve Account, an amount equivalent to 3 (three) months revenue of the Project and shall continue to maintain such account throughout the Operation Period. For the purpose of Clause 24.1, the term revenue shall mean: (a) during the first 3 (three) months of the Operation Period: the reimbursement estimated to be received by the Concessionaire from the Authority (in accordance with Clause 23.2.123.1.1) for the first 3 (three) months of the Concession Period; and (b) after the first 3 (three) months of the Operation Period: the reimbursement received by the Concessionaire from the Authority (in accordance with Clause 23.2.123.1.1), in the immediately preceding 3 (three) months. 24.1.3 In the event of default or delay in payment set out in Clause 23.2.1 23.1.1 by the Authority beyond a period of 60 (sixty)) days, the Concessionaire shall be entitled to encash and appropriate the required amounts from the Payment Reserve Account. 24.1.4 If the Concessionaire encashes and appropriates any such required amount from the Payment Reserve Account in accordance with Clause 24.1.324.1.4, the Authority shall replenish such Payment Reserve Account within 15 (fifteen) days from the date of such drawing. [OR]30OR]28

Payment Reserve Account. 24.1.1 22.1.1 The Authority shall, at least 60 30 (sixtythirty) days prior to the Commercial Operation DateCOD, [open and establish] establish an account (the “Payment Reserve Account”) with a bank and shall maintain such Payment Reserve Account in accordance with the payment reserve agreement (the “Payment Reserve Agreement”) to be entered into amongst the Concessionaire, the Authority and the bank at least 75 30 (seventy fivethirty) days prior to the Commercial Operation DateCOD. 24.1.2 22.1.2 The Authority shall, shall within at least [●] 30 days prior to the Commercial Operation Dateof achievement of COD of Project Facility(s) or Partial COD of Project Facility(s), deposit or cause to be deposited in the Payment Reserve Account, Account an amount equivalent to 3 (three) months revenue of the Project estimated Operational Payment and shall continue to maintain such account amount throughout the Operation Period. For the purpose of Clause 24.122.1, the term revenue estimated Operational Payment shall mean: (a) during During the first 3 (three) months of the Operation Period: , the reimbursement Operational Payment estimated to be received by the Concessionaire from the Authority (in accordance with Clause 23.2.121.1 and Clause 21.2.1 of this Agreement) for during first 3 (three) months of Operation Period and b) After the first 3 (three) months of the Concession Period; and (b) after the first 3 (three) months of the Operation Period: , the reimbursement Operational Payment received by the Concessionaire from the Authority (in accordance with Clause 23.2.1), in the immediately preceding 3 (three) months. 24.1.3 22.1.3 In the event of default or delay in payment set out in Clause 23.2.1 21.2.1 by the Authority beyond a period of 60 30 (sixty)thirty) days, the Concessionaire shall be entitled to encash and appropriate the required amounts from the Payment Reserve Account. 24.1.4 If 22.1.4 In the event of Concessionaire encashes and appropriates withdraws any such required amount Operational Payment from the Payment Reserve Account in accordance with the provisions under Clause 24.1.322.1.3 of this Agreement, the Authority shall replenish such the Payment Reserve Account within with such amount with 15 (fifteen) days from the date of such drawingwithdrawal. [OR]30Draft Concession Agreement