Trust and Retention Account definition

Trust and Retention Account shall have the meaning ascribed to such term in the Trust and Retention Account Agreement.

Trust and Retention Account means the account (including Sub-Accounts) specified in the Trust and Retention Account Agreement.

Trust and Retention Account means the account established and maintained in accordance with the Trust and Retention Account Agreement.

Examples of Trust and Retention Account in a sentence

• The Trust Bank shall, at the request of the Lender made on or after the payment by the Borrower of all outstanding amounts under the Loan Agreement, Trust and Retention Account Agreement, close the Designated Account and pay any amount standing to the credit thereof to the Borrower.

• The Issuer shall have the option to furnish an unconditional and irrevocable bank guarantee if and as acceptable to the Debenture Trustee and IIFCL in lieu of the Guarantee Fee Reserve, in accordance with the terms of the Trust and Retention Account Agreement.

• It is clarified that any refinancing/ Debt availed by the Issuer to arrange for funds to meet its obligations pursuant to exercise of a Call Option shall be subordinated to the Secured Obligations, including under the Trust and Retention Account.

• The amount accumulated in the Sub-Accounts shall only be used in accordance with the provisions of the Trust and Retention Account Agreement and surplus the monies standing to the credit of the Sub-Accounts shall be invested only in Permitted Investments and as permitted in accordance with the Trust and Retention Account Agreement.

• It is clarified that any refinancing/ Debt availed by the Issuer to arrange for funds to meet its obligations pursuant to exercise of a Put Option shall be subordinated to the Secured Obligations, including under the Trust and Retention Account.

• The Issuer shall have established each of the Sub-Accounts contemplated under the Trust and Retention Account Agreement, including the Debt Service Reserve Account and the Guarantee Fee Reserve Sub-Account, prior to the Pay-in Date and all such Sub-Accounts shall be fully funded at all times to the amount required pursuant to this Deed and the Trust and Retention Account Agreement.

• The Issuer shall have the option to replace the Debt Service Reserve Account with a bank guarantee with the approval of Debenture Trustee and IIFCL, in accordance with the terms of the Trust and Retention Account Agreement.

• If the Issuer becomes aware that any Permitted Investment has ceased to be a Permitted Investment, it shall immediately procure, subject to the other provisions of this Agreement, that such investment is liquidated and the proceeds of the sale be reinvested into another Permitted Investment(s) or credited to the Trust and Retention Account.

• Wherever used in this Agreement, unless otherwise defined herein, or unless the context shall otherwise require, terms defined in the Debenture Trust Deed and the Trust and Retention Account Agreement (as applicable) shall have the same meanings.

• Provided that the principal amount of the Deficiency Loan can be re-paid by the Issuer at any time at the option of the Issuer, in accordance with the terms of the Trust and Retention Account Agreement and subject to the prior written approval of the Debenture Trustee (acting on behalf of the Majority Debenture Holders) and IIFCL.

More Definitions of Trust and Retention Account

Trust and Retention Account means the account to be opened with [•] , by the Issuer with the Account Bank.

Trust and Retention Account shall have the meaning ascribed to It in the Trust and Retention Account Agreement; (xxxii) “Trust and Retention Account Agreement” or “TRA” shall mean the agreement to be entered into between the Borrower, the Account Bank, the Lender and the Lenders’ Agent providing for the opening and operation of the Trust and Retention Account and as modified/amended to the satisfaction of the Lender; (xxxiii) “Unpaid Liability” shall mean any amount remaining unpaid on Due Date. 1.2 In this Agreement, unless the contrary intention appears: (i) a reference to: · an agreement / document / undertaking / deed / instrument / indenture / writing includes all amendments made thereto from time to time as also all schedules, annexures and appendices thereto; · an “amendment” includes a supplement, modification, novation, replacement or re-enactment and “amended” is to be construed accordingly; “authorisation” includes an authorisation, consent, clearance, approval, permission, resolution, licence, exemption, filing and registration; · “person” includes an individual, statutory corporation, body corporate, partnership, joint venture, association of persons, society, trust, juridical person, government, or any agency, department, authority or political subdivision thereof, international organisation, and shall include their.. respective successors and assigns and In case of an individual shall include his legal representatives, administrators, executors and heirs and in case of a trust shall include the trustee or the trustees for the time being; (ii) a reference to a Sub-clause, Cause or a Schedule shall denote a reference to such Sub-clause, Clause or Schedule as specified, of this Agreement; (iii) the singular includes the plural (and vice versa) (iv) the index to and the headings in this Agreement are inserted for convenience of reference only and are to be ignored in construing and interpreting this Agreement; (v) reference to the words “include” or “including” shall be construed without limitation; (vi) reference to a gender shall include references to the female, male and neuter genders;

Trust and Retention Account means trust and retention account established in terms of and under this Agreement, and shall include the Sub-Accounts;