Common use of Withdrawals upon end of Concession Period Clause in Contracts

Withdrawals upon end of Concession Period. All amounts standing to the credit of the Escrow Account at the end of the Concession Period shall be appropriated in the following order of priority: a) towards taxes and statutory dues payable by the Concessionaire; b) compensation to Senior Lenders in terms of the Financing Documents towards discharge of the Concessionaire’s liability under such Financing Documents; c) all amounts due to the Concessioning Authority and amounts payable towards transfer of the Project Facilities and Services by the Concessionaire in accordance with this Agreement; and the Concessionaire shall be at liberty to withdraw any sums outstanding in the Escrow Account after: i) all the aforesaid payments due have been made and/or adequate reserves have been created inrespect thereof to the satisfaction of the Senior Lenders and the Concessioning Authority; ii) the Escrow Agent has received a confirmation of final settlement by the Senior Lenders and/or Concessioning Authority; and iii) Vesting Certificate has been issued by the Concessioning Authority under the provisions of Clause 18.5.

Withdrawals upon end of Concession Period. All amounts standing to the credit of the Escrow Account at the end of the Concession Period shall be appropriated in the following order of priority: a) towards taxes and statutory dues payable by the Concessionaire; b) compensation to Senior Lenders in terms of the Financing Documents towards discharge of the Concessionaire’s liability under such Financing Documents; c) all amounts due to the Concessioning Authority and amounts payable towards transfer of the Project Facilities and Services by the Concessionaire in accordance with this Agreement; and the Concessionaire shall be at liberty to withdraw any sums outstanding in the Escrow Account after: i) all the aforesaid payments due have been made and/or adequate reserves have been created inrespect in respect thereof to the satisfaction of the Senior Lenders and the Concessioning Authority; ii) the Escrow Agent has received a confirmation of final settlement by the Senior Lenders and/or Concessioning Authority; and iii) Vesting Certificate has been issued by the Concessioning Authority under the provisions of Clause 18.5.

Withdrawals upon end of Concession Period. All amounts standing to the credit of the Escrow Account at the end of the Concession Period shall be appropriated in the following order of priority: a) towards taxes and statutory dues payable by the Concessionaire; b) i. compensation to Senior Lenders in terms of the Financing Documents towards discharge of the Concessionaire’s liability under such Financing Documents; c) ii. towards taxes and statutory dues payable by the Concessionaire; iii. all amounts due to the Concessioning Authority and amounts payable towards transfer of the Project Facilities and Services by the Concessionaire in accordance with this Agreement; and the Concessionaire shall be at liberty to withdraw any sums outstanding in the Escrow Account after: i) a. all the aforesaid payments due have been made and/or adequate reserves have been created inrespect in respect thereof to the satisfaction of the Senior Lenders and the Concessioning Authority; ii) b. it the Escrow Agent has received a confirmation of final settlement by the Senior Lenders and/or Concessioning Authority; and iii) c. Vesting Certificate has been issued by the Concessioning Authority under the provisions of Clause 18.5Authority.