Common use of Withdrawals during Concession Period Clause in Contracts

Withdrawals during Concession Period. 26.3.1 The Concessionaire shall, at the time of opening the Project Account, give irrevocable instructions, by way of an Project Account Agreement, to the Project Account Bank instructing, inter alia, that deposits in the Project Account shall be appropriated in the following order every year, or at shorter intervals as necessary, and if not due in a year then appropriated proportionately in such year and retained in the Project Account and paid out therefrom in the year when due: (a) Concession Fee and Additional Concession Fee due and payable to the Authority; (b) all payments and Damages certified by the Authority as due and payable to it by the Concessionaire; (c) and (d) balance, if any, in accordance with the instructions of the Concessionaire. 26.3.2 The Concessionaire shall not in any manner modify the order of payment specified in Article 26.3.1, except with the prior written approval of the Authority. 26.3.3 The Concessionaire may open any other account at its discretion for making such payments as provided in Article 26.3.1 save and except Concession Fee due and payable to the Authority which must be appropriated from the Project Account.

Withdrawals during Concession Period. 26.3.1 The Concessionaire shall, at the time of opening the Project Account, give irrevocable instructions, by way of an Project Account Agreement, to the Project Account Bank instructing, inter alia, that deposits in the Project Account shall be appropriated in the following order every year, or at shorter intervals as necessary, and if not due in a year then appropriated proportionately in such year and retained in the Project Account and paid out therefrom in the year when due: (a) Concession Fee and Additional Concession Fee due and payable to the Authority; (b) all payments and Damages certified certified by the Authority as due and payable to it by the Concessionaire; (c) and (d) balance, if any, in accordance with the instructions of the Concessionaire. 26.3.2 The Concessionaire shall not in any manner modify the order of payment specified specified in Article 26.3.1, except with the prior written approval of the Authority. 26.3.3 The Concessionaire may open any other account at its discretion for making such payments as provided in Article 26.3.1 save and except Concession Fee due and payable to the Authority which must be appropriated from the Project Account.

Withdrawals during Concession Period. 26.3.1 The Concessionaire shall, at the time of opening the Project Account, give irrevocable instructions, by way of an Project Account Agreement, to the Project Account Bank instructing, inter alia, that deposits in the Project Account shall be appropriated in the following order every year, or at shorter intervals as necessary, and if not due in a year then appropriated proportionately in such year and retained in the Project Account and paid out therefrom in the year when due: (a) Concession Fee and Additional Concession Fee due and payable to the Authority; (b) all payments and Damages certified certified by the Authority as due and payable to it by the Concessionaire;; and (c) and (d) balance, if any, in accordance with the instructions of the Concessionaire. 26.3.2 The Concessionaire shall not in any manner modify the order of payment specified specified in Article 26.3.1, except with the prior written approval of the Authority. 26.3.3 The Concessionaire may open any other account at its discretion for making such payments as provided in Article 26.3.1 save and except Concession Fee due and payable to the Authority which must be appropriated from the Project Account.