Examples of Retention Account in a sentence
Any credit balance on the Retention Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits of similar amounts and for periods similar to those for which such balances appear to the Agent likely to remain on the Retention Account.
Essential Conditions before Disbursement: a) Additional insurance policies covering Loss of generation due to i) machine breakdown (MBD) ii) natural calamities (fire).b) For IREDA’s borrowers and applicants other IREDA’s borrowers, Trust and Retention Account (TRA) will be opened as per IREDA’s requirement.
The Total Bill amount 80% Payment will be Paid & 20% Bill Amount will be under Retention Account withheld.
In addition, an undertaking from the borrower that they shall note and undertake that they will not withdraw any sums from the TRA in case of default to IREDA, unless a prior written permission is obtained from IREDA.c) The borrower shall submit a letter regarding deposit of sale proceeds of power to Trust & Retention Account from the SEB / off-taker, if not submitted earlier.d) Assignment of all project related documents such as PPA, TRA, Allotment letter, Implementation Agreement, MoU contracts, etc.
Establishment of Trust and Retention Account and signing of the TRA Agreement with any Schedule - A Commercial Bank and Regional Rural Banks (RRB).