Withdrawals during Suspension. Notwithstanding anything to the contrary contained in this Agreement, the Authority may exercise all or any of the rights of the Concessionaire during the period of Suspension under Article 30 of the Concession Agreement. Any instructions given by the Authority to the Escrow Bank during such period shall be complied with as if such instructions were given by the Concessionaire under this Agreement and all actions of the Authority hereunder shall be deemed to have been taken for and on behalf of the Concessionaire.
Withdrawals during Suspension. Notwithstanding anything to the contrary contained in this Agreement, the Corporation may exercise all or any of the rights of the Contractor during the period of Suspension under Clause of the GCC of the Contract Agreement No. . Any instructions given by the Corporation to the Arbitral Award Escrow Bank during such period shall be complied with as if such instructions were given by the Contractor under this Agreement and all actions of the Corporation hereunder shall be deemed to have been taken for and on behalf of the Contractor.
Withdrawals during Suspension. Notwithstanding anything to the contrary contained in this Agreement, the Authority may exercise all or any of the rights of the Operator during the period of Suspension under Article 15 of the O&M Agreement. Any instructions given by the Authority to the Escrow Bank during such period shall be complied with as if such instructions were given by the Operator under this Agreement and all actions of the Authority hereunder shall be deemed to have been taken for and on behalf of the Operator.
Withdrawals during Suspension. Notwithstanding anything to the contrary contained in this Agreement, the Authority may exercise all or any of the rights of the Concessionaire during the period of Suspension under Article 36 of the Concession Agreement. Any instructions given by the Authority to the Escrow Bank during such period shall be complied with as if such instructions were given by the Concessionaire under this Agreement and all actions of the Authority hereunder shall be deemed to have been taken for and on behalf of the Concessionaire. OBLIGATIONS OF THE ESCROW BANK Segregation of funds Monies and other property received by the Escrow Bank under this Agreement shall, until used or applied in accordance with this Agreement, be held by the Escrow Bank in trust for the purposes for which they were received, and shall be segregated from other funds and property of the Escrow Bank. Notification of balances 7 (seven) business days prior to each Payment Date (and for this purpose the Escrow Bank shall be entitled to rely on an affirmation by the Concessionaire and/or the Lenders’ Representative as to the relevant Payment Dates), the Escrow Bank shall notify the Lenders’ Representative of the balances in the Escrow Account and Sub-Accounts as at the close of business on the immediately preceding business day. Communications and notices In discharge of its duties and obligations hereunder, the Escrow Bank: may, in the absence of bad faith or gross negligence on its part, rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Concessionaire upon a certificate signed by or on behalf of the Concessionaire; may, in the absence of bad faith or gross negligence on its part, rely upon the authenticity of any communication or document believed by it to be authentic; shall, within 5 (five) business days after receipt, deliver a copy to the Lenders’ Representative of any notice or document received by it in its capacity as the Escrow Bank from the Concessionaire or any other person hereunder or in connection herewith; and shall, within 5 (five) business days after receipt, deliver a copy to the Concessionaire of any notice or document received by it from the Lenders’ Representative in connection herewith. No set off The Escrow Bank agrees not to claim or exercise any right of set off, banker’s lien or other right or remedy with respect to amounts standing to the credit of the Escrow Account. For the avoidance of doubt, it is hereby acknowledged and agr...
Withdrawals during Suspension. Notwithstanding anything to the contrary contained in this Agreement, in case the Escrow Bank receives a notice in writing from the Authority that the rights of the Operator are suspended in accordance with the Agreement or a Termination Notice is issued, the Escrow Bank shall until such notice is withdrawn, act only on the instructions of the Authority.
