Common use of WITHDRAWAL DURING CONTRACT PERIOD Clause in Contracts

WITHDRAWAL DURING CONTRACT PERIOD. 17.3.1 The Escrow Account shall, inter alia, provide for a priority order for payment to be made out of it at the beginning of every Payment Period. The order of priority shall be as given below: a. All payments towards taxes and other statutory levies, as applicable to the Authority in respect of the Project; b. All payments to the Operator towards O&M Fee; c. All payments to the Operator towards Damages; d. Any other payment as due and payable to the Operator by the Authority; e. Intentionally Left Blank; f. Costs and expenses incurred by the Authority in accordance with the provisions of this Contract, including but not limited to payment of employee salary, administrative expenses etc.; g. Balance funds to flow to the Authority, subject to the maintenance of balance of amount equivalent to {2 (two) months} estimated payment of O&M Fee to the Operator. Provided however, if at any time during the Contract Period, adequate amount is not available in the Escrow Account for meeting any payments due to the Operator under Clause 17.3 (b) to (e), then in such an event the Authority shall pay the amount in question to the Operator from its own financial sources. In the event of failure on the part of the Authority to make the payment either through the funds available in the Escrow Account or through its own financial sources, it shall tantamount to Authority Event of Default thereby entitling the Operator to terminate the Contract.

WITHDRAWAL DURING CONTRACT PERIOD. 17.3.1 The Escrow Account shall, inter alia, provide for a priority order for payment to be made out of it at the beginning of every Payment Period. The order of priority shall be as given below: a. All payments towards taxes and other statutory levies, as applicable to the Authority in respect of the Project; b. All payments to the Operator towards O&M Fee; c. All payments to the Operator towards Damages; d. Any other payment as due and payable to the Operator by the Authority; e. Intentionally Left Blank[payment to Operator towards insurance claims, if any, received]53; f. Costs and expenses incurred by the Authority in accordance with the provisions of this Contract, including but not limited to payment of employee salary, administrative expenses etc.; g. Balance funds to flow to the Authority, subject to the maintenance of balance of amount equivalent to {2 (two) months} estimated payment of O&M Fee to the Operator. Provided however, if at any time during the Contract Period, adequate amount is not available in the Escrow Account for meeting any payments due to the Operator under Clause 17.3 (b) to (e), then in such an event the Authority shall pay the amount in question to the Operator from its own financial sources. In the event of failure on the part of the Authority to make the payment either through the funds available in the Escrow Account or through its own financial sources, it shall tantamount to Authority Event of Default thereby entitling the Operator to terminate the Contract.

WITHDRAWAL DURING CONTRACT PERIOD. 17.3.1 The Escrow Account shall, inter alia, provide for a priority order for payment to be made out of it at the beginning of every Payment Period. The order of priority shall be as given below: a. All payments towards taxes and other statutory levies, as applicable to the Authority in respect of the Project; b. All payments to the Operator towards Actual O&M Fee; c. All payments to the Operator towards Damages; d. Any other payment as due and payable to the Operator by the Authority; e. Intentionally Left Blank[payment to Operator towards insurance claims, if any received]53; f. Costs and expenses incurred by the Authority in accordance with the provisions of this Contract, including but not limited to payment of employee salary, administrative expenses expenses, etc.;; and g. Balance funds to flow to the Authority, subject to the maintenance of balance of amount equivalent to {2 (two) months} estimated payment of O&M Fee to the Operator. Provided however, if at any time during the Contract Period, adequate amount is not available in the Escrow Account for meeting any payments due to the Operator under Clause 17.3 (b17.3.1(b) to (e), then in such an event the Authority shall pay the amount in question to the Operator from its own financial sources. In the event of failure on the part of the Authority to make the payment either through the funds available in the Escrow Account or through its own financial sources, it shall tantamount to Authority Event of Default thereby entitling the Operator to terminate the Contract.