Trust and Retention Account Agreement definition

Trust and Retention Account Agreement means the agreement executed or to be executed between the Issuer, the Debenture Trustee and the Account Bank for the operation of the Trust and Retention Account and in relation to the collection and application of monies and revenues of the Issuer.

Trust and Retention Account Agreement means the agreement executed on or about the date of this Deed between the Issuer, IIFCL, the Account Bank, the Debenture Trustee and the Security Trustee in relation to deposit and withdrawal of monies related to the Project and all other revenues of the Issuer.

Trust and Retention Account Agreement means the agreement entered into or to be entered into between the Borrower, the Security Trustee, the Facility Agent and the Account Bank.

Examples of Trust and Retention Account Agreement 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.

• It shall not without the prior written approval of the Facility Agent, allow declaration of any dividend by the Borrower till the time the Borrower has discharged all its Obligations which have fallen due towards Project Costs including in meeting any Cost Overrun and shall have fulfilled all the conditions specified in the Trust and Retention Account Agreement, unless specifically Table of Contents permitted by the Facility Agent or the Lenders under the other Financing Documents.

• 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.

• Provided however that the principal amount of the loans provided by the Sponsor 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.

• Unless expressly provided in this Agreement, all amounts payable by the Sponsor in cash pursuant to this Agreement shall be paid within such time from the demand for payment, as may be specified by the Facility Agent after consultation with the Borrower, and deposited in accordance with the Trust and Retention Account Agreement.

• 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.

• 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.

• The Issuer shall pay to the Guarantor, the IIFCL Guarantee Fee monthly (or as otherwise required in accordance with the terms of the Counter-Indemnity) in advance, on each IIFCL Guarantee Fee Payment Date or on such other dates as may be required in accordance with the terms of the Counter-Indemnity and in the manner specified in the Trust and Retention Account Agreement.

• RESERVES AND OTHER SUB-ACCOUNTS The Issuer shall open the Trust and Retention Account in accordance with the Trust and Retention Account Agreement prior to the Pay-in Date.

• 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 Agreement

Trust and Retention Account Agreement shall have the meaning specified in the Debenture Trust Deed.

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.