Common use of Payment Security & Escrow Clause in Contracts

Payment Security & Escrow. 3.8.1 DMRC shall at all times have the first and paramount charge over all receivables of any nature whatsoever that the Lessee is entitled to claim or receive from the sub- lessee for the use of the Leased Area or from the operations of the Licensee / Lease in the Leased Area. The Lesseeshall not create any encumberance, charge, lien or otherwise execute any instrument which would in any manner affect or prejudice the first charge over the receivables in favour of DMRC. The Lessee shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims in regard to the Retail / Leased Space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of DMRC. Subject to the above and to the first and paramount charge, DMRC may allow the Lessee to create second charge over the receivables in favour of financial institutions. 3.8.2 The Lessee shall within 2 months from the date of signing of this Agreement identify a Nationalised/Scheduled Bank acceptable to DMRC and open an Escrow Account in terms of the Escrow Agreement to be signed between the Lessee, DMRC and the Bank as per the draft attached hereto as Schedule D.The Bank will act as the Escrow Agent for the purposes of receiving the receivables in terms of this Agreement. 3.8.3 The Lessee hereby unconditionally and irrevocably without demur agree to receive and deposit all receivables from sub-Lessee the use of the built spaces or from the operations of the Lessee at the LeasedArea or otherwise from the Leased Area at the Specified Area into the Escrow Account with the Bank. The amounts in cash, if any received by the Lessee shall be deposited in the Escrow Account within 24 hours of the receipt or the immediate next working day in case of a Bank holiday. The Lessee shall not give credit or make any adjustment against the receivables for any payment due from the Lessee. The Lessee shall ensure that no other person is authorised to utilize or appropriate any part of the receivables contrary to the above. 3.8.4 The Escrow Bank shall be given irrevocable instruction to remit to DMRC the amounts becoming due to DMRC under this Agreement as per the claims made by DMRC from time to time. So long as any amount is outstanding to DMRC from the Lessee, the amounts in the Escrow Account shall not be utilized for any purpose other than for payment to DMRC. After due discharge of all amounts outstanding to DMRC, the Escrow Bank shall be entitled to allow the amount to be utilized by the Lessee till such time further amounts become due from the Lessee to DMRC as per the claims made by DMRC. As soon as such claim is received from DMRC, the amounts lying in the Escrow Account including any amounts thereafter coming into the Escrow Account shall be used for payment to discharge the dues of DMRC as mentioned above. 3.8.5 The Lessee hereby acknowledges and undertakes not to open or establish any other account other than the Escrow account with any Bank or Body Corporate for the receipt/ deposit of the receivables from the use of the Licensed Area in terms of this Agreement. 3.8.6 The Lessee shall instruct in unambiguous terms all its tenants/sub Lessee in the agreements signed with them, that all payments receivables to be made to the Lessee will be deposited in the said escrow account. 3.8.7 The Lessee will at all times maintain a minimum balance equivalent to one quarter of the recurring payment in the escrow account.

Payment Security & Escrow. 3.8.1 3.6.1 DMRC shall at all times have the first and paramount charge over all receivables of any nature whatsoever that the Lessee Licensee is entitled to claim or receive from the sub- lessee licensees for the use of the Leased Licensed Area or from the operations of the Licensee / Lease in the Leased Licensed Area. The Lesseeshall Licensee shall not create any encumberance, charge, lien or otherwise execute any instrument which would in any manner affect or prejudice the first charge over the receivables in favour of DMRC. The Lessee Licensee shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims in regard to the Retail / Leased Licensed Space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of DMRC. Subject to the above and to the first and paramount charge, DMRC may allow the Lessee Licensee to create second charge over the receivables in favour of financial institutions. 3.8.2 3.6.2 The Lessee Licensee shall within 2 months from the date of signing of this Agreement identify a Nationalised/Scheduled Bank acceptable to DMRC and open an Escrow Account in terms of the Escrow Agreement to be signed between the LesseeLicensee, DMRC and the Bank as per the draft attached hereto as Schedule D.The B.The Bank will act as the Escrow Agent for the purposes of receiving the receivables in terms of this Agreement. 3.8.3 3.6.3 The Lessee Licensee hereby unconditionally and irrevocably without demur agree to receive and deposit all receivables from sub-Lessee licensing the use of the built spaces or from the operations of the Lessee Licensee at the LeasedArea Licensed Area or otherwise from the Leased Licensed Area at the Specified Area into the Escrow Account with the Bank. The amounts in cash, if any received by the Lessee Licensee shall be deposited in the Escrow Account within 24 hours of the receipt or the immediate next working day in case of a Bank holiday. The Lessee Licensee shall not give credit or make any adjustment against the receivables for any payment due from the LesseeLicensee. The Lessee Licensee shall ensure that no other person is authorised to utilize or appropriate any part of the receivables contrary to the above. 3.8.4 3.6.4 The Escrow Bank shall be given irrevocable instruction to remit to DMRC the amounts becoming due to DMRC under this Agreement as per the claims made by DMRC from time to time. So long as any amount is outstanding to DMRC from the LesseeLicensee, the amounts in the Escrow Account shall not be utilized for any purpose other than for payment to DMRC. After due discharge of all amounts outstanding to DMRC, the Escrow Bank shall be entitled to allow the amount to be utilized by the Lessee Licensee till such time further amounts become due from the Lessee Licensee to DMRC as per the claims made by DMRC. As soon as such claim is received from DMRC, the amounts lying in the Escrow Account including any amounts thereafter coming into the Escrow Account shall be used for payment to discharge the dues of DMRC as mentioned above. 3.8.5 3.6.5 The Lessee Licensee hereby acknowledges and undertakes not to open or establish any other account other than the Escrow account with any Bank or Body Corporate for the receipt/ deposit of the receivables from the use of the Licensed Area in terms of this Agreement. 3.8.6 3.6.6 The Lessee Licensee shall instruct in unambiguous terms all its tenants/sub Lessee Licensees in the agreements signed with them, that all payments receivables to be made to the Lessee Licensee will be deposited in the said escrow account. 3.8.7 3.6.7 The Lessee Licensee will at all times maintain a minimum balance equivalent to one quarter of the recurring payment in the escrow account. 3.6.8 Copy of invoices would be sent to Escrow Agent periodically. The lease rentals due and the due dates as per the Concession Agreement is given in Annexure ‘A’. Revision if any will be informed to Escrow Agent from time to time. The Escrow Agent within 5 days after the end of every quarter shall send quarterly Account Statements to DMRC email id xxxxxxxxx@xxxx.xxx. The Escrow Agent shall provide to DMRC with user id/ password to view and download the account statements through internet banking.

Payment Security & Escrow. 3.8.1 3.6.1 DMRC shall at all times have the first and paramount charge over all receivables of any nature whatsoever that the Lessee is entitled to claim or receive from the sub- lessee for the use of the Leased Area or from the operations of the Licensee / Lease in the Leased Area. The Lesseeshall not create any encumberance, charge, lien or otherwise execute any instrument which would in any manner affect or prejudice the first charge over the receivables in favour of DMRC. The Lessee shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims in regard to the Retail / Leased Space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of DMRC. Subject to the above and to the first and paramount charge, DMRC may allow the Lessee to create second charge over the receivables in favour of financial institutions. 3.8.2 3.6.2 The Lessee shall within 2 months from the date of signing of this Agreement identify a Nationalised/Scheduled Bank acceptable to DMRC and open an Escrow Account in terms of the Escrow Agreement to be signed between the Lessee, DMRC and the Bank as per the draft attached hereto as Schedule D.The D. The Bank will act as the Escrow Agent for the purposes of receiving the receivables in terms of this Agreement. 3.8.3 3.6.3 The Lessee hereby unconditionally and irrevocably without demur agree to receive and deposit all receivables from sub-Lessee the use of the built spaces or from the operations of the Lessee at the LeasedArea Leased Area or otherwise from the Leased Area at the Specified Area into the Escrow Account with the Bank. The amounts in cash, if any received by the Lessee shall be deposited in the Escrow Account within 24 hours of the receipt or the immediate next working day in case of a Bank holiday. The Lessee shall not give credit or make any adjustment against the receivables for any payment due from the Lessee. The Lessee shall ensure that no other person is authorised to utilize or appropriate any part of the receivables contrary to the above. 3.8.4 3.6.4 The Escrow Bank shall be given irrevocable instruction to remit to DMRC the amounts becoming due to DMRC under this Agreement as per the claims made by DMRC from time to time. So long as any amount is outstanding to DMRC from the Lessee, the amounts in the Escrow Account shall not be utilized for any purpose other than for payment to DMRC. After due discharge of all amounts outstanding to DMRC, the Escrow Bank shall be entitled to allow the amount to be utilized by the Lessee till such time further amounts become due from the Lessee to DMRC as per the claims made by DMRC. As soon as such claim is received from DMRC, the amounts lying in the Escrow Account including any amounts thereafter coming into the Escrow Account shall be used for payment to discharge the dues of DMRC as mentioned above. 3.8.5 3.6.5 The Lessee hereby acknowledges and undertakes not to open or establish any other account other than the Escrow account with any Bank or Body Corporate for the receipt/ deposit of the receivables from the use of the Licensed Area in terms of this Agreement. 3.8.6 3.6.6 The Lessee shall instruct in unambiguous terms all its tenants/sub Lessee in the agreements signed with them, that all payments receivables to be made to the Lessee will be deposited in the said escrow account. 3.8.7 3.6.7 The Lessee will at all times maintain a minimum balance equivalent to one quarter of the recurring payment in the escrow account. 3.6.8 Copy of invoices would be sent to Escrow Agent periodically. The lease rentals due and the due dates as per the Concession Agreement is given in Annexure ‘A’. Revision if any will be informed to Escrow Agent from time to time. The Escrow Agent within 5 days after the end of every quarter shall send quarterly Account Statements to DMRC email id xxxxxxxxxx@xxxxx.xxx. The Escrow Agent shall provide to DMRC with user id/password to view and download the account statements through internet banking.

Payment Security & Escrow. 3.8.1 4.4.1 DMRC shall at all times have the first and paramount charge over all receivables of any nature whatsoever that the Lessee is entitled to claim or receive from the sub- sub-lessee for the use of the Leased Area or from the operations of the Licensee / Lease in the Leased Area. The Lesseeshall not create any encumberance, charge, lien or otherwise execute any instrument which would in any manner affect or prejudice the first charge over the receivables in favour of DMRC. The Lessee shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims in regard to the Retail / Leased Space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of DMRC. Subject to the above and to the first and paramount charge, DMRC may allow the Lessee to create second charge over the receivables in favour of financial institutions. 3.8.2 4.4.2 The Lessee shall within 2 months from the date of signing of this Agreement identify a Nationalised/Scheduled Bank acceptable to DMRC and open an Escrow Account in terms of the Escrow Agreement to be signed between the Lessee, DMRC and the Bank as per the draft attached hereto as Schedule D.The E.The Bank will act as the Escrow Agent for the purposes of receiving the receivables in terms of this Agreement. 3.8.3 4.4.3 The Lessee hereby unconditionally and irrevocably without demur agree to receive and deposit all receivables from sub-Lessee the use of the built spaces or from the operations of the Lessee at the LeasedArea or otherwise from the Leased Area at the Specified Area into the Escrow Account with the Bank. The amounts in cash, if any received by the Lessee shall be deposited in the Escrow Account within 24 hours of the receipt or the immediate next working day in case of a Bank holiday. The Lessee shall not give credit or make any adjustment against the receivables for any payment due from the Lessee. The Lessee shall ensure that no other person is authorised to utilize or appropriate any part of the receivables contrary to the above. 3.8.4 4.4.4 The Escrow Bank shall be given irrevocable instruction to remit to DMRC the amounts becoming due to DMRC under this Agreement as per the claims made by DMRC from time to time. So long as any amount is outstanding to DMRC from the Lessee, the amounts in the Escrow Account shall not be utilized for any purpose other than for payment to DMRC. After due discharge of all amounts outstanding to DMRC, the Escrow Bank shall be entitled to allow the amount to be utilized by the Lessee till such time further amounts become due from the Lessee to DMRC as per the claims made by DMRC. As soon as such claim is received from DMRC, the amounts lying in the Escrow Account including any amounts thereafter coming into the Escrow Account shall be used for payment to discharge the dues of DMRC as mentioned above. 3.8.5 4.4.5 The Lessee hereby acknowledges and undertakes not to open or establish any other account other than the Escrow account with any Bank or Body Corporate for the receipt/ deposit of the receivables from the use of the Licensed Area in terms of this Agreement. 3.8.6 4.4.6 The Lessee shall instruct in unambiguous terms all its tenants/sub Lessee in the agreements signed with them, that all payments receivables to be made to the Lessee will be deposited in the said escrow account. 3.8.7 4.4.7 The Lessee will at all times maintain a minimum balance equivalent to one quarter of the recurring payment in the escrow account.

Payment Security & Escrow. 3.8.1 3.6.1 DMRC shall at all times have the first and paramount charge over all receivables of any nature whatsoever that the Lessee is entitled to claim or receive from the sub- lessee for the use of the Leased Area or from the operations of the Licensee / Lease in the Leased Area. The Lesseeshall not create any encumberance, charge, lien or otherwise execute any instrument which would in any manner affect or prejudice the first charge over the receivables in favour of DMRC. The Lessee shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims in regard to the Retail / Leased Space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of DMRC. Subject to the above and to the first and paramount charge, DMRC may allow the Lessee to create second charge over the receivables in favour of financial institutions. 3.8.2 3.6.2 The Lessee shall within 2 months from the date of signing of this Agreement identify a Nationalised/Scheduled Bank acceptable to DMRC and open an Escrow Account in terms of the Escrow Agreement to be signed between the Lessee, DMRC and the Bank as per the draft attached hereto as Schedule D.The Bank will act as the Escrow Agent for the purposes of receiving the receivables in terms of this Agreement. 3.8.3 3.6.3 The Lessee hereby unconditionally and irrevocably without demur agree to receive and deposit all receivables from sub-Lessee the use of the built spaces or from the operations of the Lessee at the LeasedArea or otherwise from the Leased Area at the Specified Area into the Escrow Account with the Bank. The amounts in cash, if any received by the Lessee shall be deposited in the Escrow Account within 24 hours of the receipt or the immediate next working day in case of a Bank holiday. The Lessee shall not give credit or make any adjustment against the receivables for any payment due from the Lessee. The Lessee shall ensure that no other person is authorised to utilize or appropriate any part of the receivables contrary to the above. 3.8.4 3.6.4 The Escrow Bank shall be given irrevocable instruction to remit to DMRC the amounts becoming due to DMRC under this Agreement as per the claims made by DMRC from time to time. So long as any amount is outstanding to DMRC from the Lessee, the amounts in the Escrow Account shall not be utilized for any purpose other than for payment to DMRC. After due discharge of all amounts outstanding to DMRC, the Escrow Bank shall be entitled to allow the amount to be utilized by the Lessee till such time further amounts become due from the Lessee to DMRC as per the claims made by DMRC. As soon as such claim is received from DMRC, the amounts lying in the Escrow Account including any amounts thereafter coming into the Escrow Account shall be used for payment to discharge the dues of DMRC as mentioned above. 3.8.5 3.6.5 The Lessee hereby acknowledges and undertakes not to open or establish any other account other than the Escrow account with any Bank or Body Corporate for the receipt/ deposit of the receivables from the use of the Licensed Area in terms of this Agreement. 3.8.6 3.6.6 The Lessee shall instruct in unambiguous terms all its tenants/sub Lessee in the agreements signed with them, that all payments receivables to be made to the Lessee will be deposited in the said escrow account. 3.8.7 3.6.7 The Lessee will at all times maintain a minimum balance equivalent to one quarter of the recurring payment in the escrow account. 3.6.8 Copy of invoices would be sent to Escrow Agent periodically. The lease rentals due and the due dates as per the Concession Agreement is given in Annexure ‘A’. Revision if any will be informed to Escrow Agent from time to time. The Escrow Agent within 5 days after the end of every quarter shall send quarterly Account Statements to DMRC email id xxxxxxxxxx@xxxxx.xxx. The Escrow Agent shall provide to DMRC with user id/password to view and download the account statements through internet banking.

Payment Security & Escrow. 3.8.1 DMRC shall at all times have the first and paramount charge over all receivables of any nature whatsoever that the Lessee Licensee is entitled to claim or receive from the sub- lessee licensees for the use of the Leased Licensed Area or from the operations of the Licensee / Lease in the Leased Licensed Area. The Lesseeshall Licensee shall not create any encumberance, charge, lien or otherwise execute any instrument which would in any manner affect or prejudice the first charge over the receivables in favour of DMRC. The Lessee Licensee shall not create any charge over the receivables including the amounts in the Escrow Account and also the actionable claims in regard to the Retail / Leased Licensed Space in favour of any person including in favour of the banks or lending institution over-riding or otherwise adversely affecting the interest of DMRC. Subject to the above and to the first and paramount charge, DMRC may allow the Lessee Licensee to create second charge over the receivables in favour of financial institutions. 3.8.2 The Lessee Licensee shall within 2 months from the date of signing of this Agreement identify a Nationalised/Scheduled Bank acceptable to DMRC and open an Escrow Account in terms of the Escrow Agreement to be signed between the LesseeLicensee, DMRC and the Bank as per the draft attached hereto as Schedule D.The B.The Bank will act as the Escrow Agent for the purposes of receiving the receivables in terms of this Agreement. 3.8.3 The Lessee Licensee hereby unconditionally and irrevocably without demur agree to receive and deposit all receivables from sub-Lessee licensing the use of the built spaces or from the operations of the Lessee Licensee at the LeasedArea Licensed Area or otherwise from the Leased Licensed Area at the Specified Area into the Escrow Account with the Bank. The amounts in cash, if any received by the Lessee Licensee shall be deposited in the Escrow Account within 24 hours of the receipt or the immediate next working day in case of a Bank holiday. The Lessee Licensee shall not give credit or make any adjustment against the receivables for any payment due from the LesseeLicensee. The Lessee Licensee shall ensure that no other person is authorised to utilize or appropriate any part of the receivables contrary to the above. 3.8.4 The Escrow Bank shall be given irrevocable instruction to remit to DMRC the amounts becoming due to DMRC under this Agreement as per the claims made by DMRC from time to time. So long as any amount is outstanding to DMRC from the LesseeLicensee, the amounts in the Escrow Account shall not be utilized for any purpose other than for payment to DMRC. After due discharge of all amounts outstanding to DMRC, the Escrow Bank shall be entitled to allow the amount to be utilized by the Lessee Licensee till such time further amounts become due from the Lessee Licensee to DMRC as per the claims made by DMRC. As soon as such claim is received from DMRC, the amounts lying in the Escrow Account including any amounts thereafter coming into the Escrow Account shall be used for payment to discharge the dues of DMRC as mentioned above. 3.8.5 The Lessee Licensee hereby acknowledges and undertakes not to open or establish any other account other than the Escrow account with any Bank or Body Corporate for the receipt/ deposit of the receivables from the use of the Licensed Area in terms of this Agreement. 3.8.6 The Lessee Licensee shall instruct in unambiguous terms all its tenants/sub Lessee Licensees in the agreements signed with them, that all payments receivables to be made to the Lessee Licensee will be deposited in the said escrow account. 3.8.7 The Lessee Licensee will at all times maintain a minimum balance equivalent to one quarter of the recurring payment in the escrow account. 3.8.8 Copy of invoices would be sent to Escrow Agent periodically. The lease rentals due and the due dates as per the Concession Agreement is given in Annexure ‘A’. Revision if any will be informed to Escrow Agent from time to time. The Escrow Agent within 5 days after the end of every quarter, shall send quarterly Account Statements to DMRC email id xxxxxxxxx@xxxx.xxx. The Escrow Agent shall provide to DMRC with user id/ password to view and download the account statements through internet banking.