Default Escrow Account definition

Default Escrow Account shall have the meaning as set forth in Clause 13.1.1; “Default Escrow Agreement” shall have the meaning as set forth in Clause 13.1.1;
Sample 1Sample 2Sample 3
Default Escrow Account means the default Escrow account opened with the Default Escrow Agent pursuant to Article 2.2.1 of this Agreement for the purposes of this Agreement;
Sample 1Sample 2Sample 3

Examples of Default Escrow Account in a sentence

  • As a further support for the Procurers‟ obligations, on or prior to the Effective Date, the Procurers and the Seller shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of the Seller, through which the revenues of the Procurers shall be routed and used as per the terms of the Default Escrow Agreement.

  • All revenue collected in the franchised area shall be deposited by DF in the Default Escrow Account within 48 hours of its receipt.

  • Provided further that the Franchisee shall ensure that [WESCO Utility] has first ranking charge on the revenues routed through the Default Escrow Account except for charges assigned ranking above WESCO Utility’s charge by means of any statutory authority / court order.

  • Under this arrangement an Default Escrow Account in favour of NHPC shall be established through which the incremental receivables of bulk power customer shall be routed as per the terms of Default Escrow Agreement.

  • The minimum revenue flow in any Month in the Default Escrow Account shall be at least equal to the amount required for the Letter of Credit as per Article 12.1 and 12.4.Provided further that the Franchisee shall ensure that JVVNL has first ranking charge on the revenues routed through the Default Escrow Account.

  • The Parties agree and acknowledge that the Default Escrow Account shall be established and maintained at a bank where at least 30% (thirty per cent) of the Utility‟s total monthly Revenues are normally deposited (the “Default Escrow Bank”).

  • The Default Escrow Agent shall not be entitled to deduct any amount due and payable by the Seller to the Default Escrow Agent from monies deposited in the Default Escrow Account and the Procurer Account established pursuant to this Agreement.

  • The Parties agree and acknowledge that upon Termination and on failure of the Utility to make the Termination Payment within 30 (thirty) days of demand by the Supplier, Revenues equal to the Maximum Monthly Payment, deposited into the Default Escrow Account in accordance with the provisions of this Agreement and the Default Escrow Agreement, shall be appropriated every month and paid to the Supplier until discharge of the Termination Payment and any interest thereon.

  • As a further support for the Discom obligations, on or prior to the expiry of the TPA, the Discom and NTPC shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of NTPC, through which the revenues of the Discom shall be routed and used as per the terms of the Default Escrow Agreement.

  • As a further support for the SECI’s obligations, not later than (1) month before the start of supply, the SPD and SECI shall execute Default Escrow Agreement (referred as “Default Escrow Agreement”) for the establishment and operation of the Default Escrow Account in favour of SPD, through which the Incremental Receivables of the SECI shall be routed and used as per the terms of the Default Escrow Agreement.

Related to Default Escrow Account

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

  • Escrow Accounts means (1) accounts of Parent or any Subsidiary, solely to the extent any such accounts hold funds set aside by Parent or any Subsidiary to manage the collection and payment of amounts collected, withheld or incurred by Parent or such Subsidiary for the benefit of third parties relating to: (a) federal income tax withholding and backup withholding tax, employment taxes, transportation excise taxes and security related charges, (b) any and all state and local income tax withholding, employment taxes and related charges and fees and similar taxes, charges and fees, including, but not limited to, state and local payroll withholding taxes, unemployment and supplemental unemployment taxes, disability taxes, xxxxxxx’x or workers’ compensation charges and related charges and fees, (c) state and local taxes imposed on overall gross receipts, sales and use taxes, fuel excise taxes and hotel occupancy taxes, (d) passenger facility fees and charges collected on behalf of and owed to various administrators, institutions, authorities, agencies and entities, (e) other similar federal, state or local taxes, charges and fees (including without limitation any amount required to be withheld or collected under applicable law) and (f) other funds held in trust for, or otherwise pledged to or segregated for the benefit of, an identified beneficiary; or (2) accounts, capitalized interest accounts, debt service reserve accounts, escrow accounts and other similar accounts of Parent or any Subsidiary or funds established in connection with the ARB Indebtedness.

  • Escrow Deposit has the meaning set forth in Section 2.1.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.