D under the terms or the contract it has been

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(d) Under the terms or the Contract, it has been stipulated that an account which the Contractor shall open and maintain with a bank in which all inflows and outflows of all revenue receipts and expenditures shall be credited and debited, as the case may be, in accordance with the provisions of this Agreement, and includes the Sub-Accounts of such Escrow Account; (e) This Agreement sets forth the detailed mandates, terms and conditions and operating procedures for such escrow account. NOW, THEREFORE, in consideration of the premises contained herein, the Parties hereto agree as follows: 1. Definitions 1.1 For the purposes of this Agreement, unless the context otherwise requires, capitalized terms shall have the meaning set forth hereunder. “Agreement” means this Escrow Account Agreement and any amendment thereto made in accordance with the provisions contained herein. " Beneficial Parties " means collectively the Contractor, and Government, and " Beneficial Party " refers individually to each of them; " Business Day " means any day of the week (excluding Saturdays, Sundays and public holidays) on which banks in _____ are generally open for business; “Contract” shall have the meaning specified in Recital C of this Agreement. “Cure Period” means the period specified in this Agreement for curing any breach or default of any provision of this Agreement by the Contractor, and shall commence from the date on which a notice is delivered by the Government, to the Contractor asking the latter to cure the breach or default specified in such notice;
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90 “Escrow Account” means an escrow account established in terms of and under this Agreement; “Escrow Default” shall have the meaning ascribed thereto in Clause 5.1; “Parties” means the parties to this Agreement collectively and “Party” shall mean any of the Parties to this Agreement individually; “Payment Date” means, in relation to any payment specified in Clause 3.2, the date(s) specified for such payment; " Dispute " shall mean any dispute, difference, question or controversy between the Parties arising out of, in connection with or in relation to this Agreement. " Month " shall mean a calendar month. Other capitalized terms used herein (and not defined herein) but defined under the Contract shall have the meaning ascribed to the term under the Contract 2. Establishment of Escrow Account and Declaration of Trust 2.1 Establishment of the Accounts Within 30 (thirty) days from the date of this Agreement, and in any case prior to the Effective Date, the Contractor shall open and establish the Escrow Account with the ………………………. (name of Branch) Branch of the Escrow Bank. The Escrow Account shall be denominated in Rupees. The Escrow Bank shall maintain the Escrow Account in accordance with the terms of this Agreement and its usual practices and applicable regulations, and pay the maximum rate of interest payable to similar customers on the balance in the said account from time to time.
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  • Winter '14
  • Bijay K Behra
  • Government, Petroleum Operations, Contract Area

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