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TRIPARTITE ESCROW AGREEMENT

This Agreement is made on the day of 2023 at amongst

xxxxxxxxxxxxxxx Ltd. having its Registered Office at xxxxxxxx, (hereinafter referred to as “the
Corporation” which expression shall include its successors or assigns) of the first part and

Company Constituted under the xxxxxxx Act 19xx having its Registered
Office at / Board constituted under xxxxxxxxxx
(Supply) Act,19xx having its Head Office at (hereinafter referred to “the Borrower” which
expression shall include its successors or assigns) of the second part* and

, a Bank / body corporate constituted under the , having its

Head Office at and several branches throughout the country and abroad including
branch at , (hereinafter referred to as the “Escrow Agent” which
term shall include its successors or assigns) of the third part.

AND WHEREAS the borrower has taken/proposes to take various financial assistance by way of
xxxxxx Term Loan / Foreign Currency Loan / Bill Discounting Facility / Lease Financing /
Working Capital Loan / Short Term loan/ MSTL/ Loan for Purchase of Power through Power
Exchange schemes etc. for different projects / schemes from the Corporation as specified in
Schedule-I & II respectively.

And Whereas the Corporation has sanctioned the above facility to the borrower on the terms and
conditions contained in the respective sanction letters and the borrower has accepted the said terms
and conditions of the respective sanction letters.

And Whereas the Borrower has also executed respective Memorandum of Agreement and other
documents in respect of the facilities mentioned above in Schedule-I.

AND WHEREAS the Borrower has agreed for establishing Escrow mechanism for availing
financial assistance on Current Account No. of Bank Code No. (hereinafter
referred to as an “Escrow Account”) maintained with Escrow Agent for revenue collection and to
pay to the Corporation the amount due but not paid by the borrower immediately on receipt of
notice of demand for payment from the Corporation.

AND WHEREAS the Borrower has irrevocably and unconditionally authorised Escrow Agent to
collect and receive all its receivables which include all monies including but not limiting to
revenue accruing to the Borrower by sale of electricity or otherwise collected and deposited in the
Escrow Account to be maintained with Escrow Agent.

And WHEREAS the Borrower declares and undertakes that any cash receipt towards payment of
any receivables of the borrower shall be deposited in the Escrow Account with Escrow Agent in
entirety within reasonable time before utilising the same for any other purpose.

AND WHEREAS the Borrower also declares and undertakes that it shall not collect credit or make
any adjustment against receivables directly or through any other person except as provided under
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agreement and shall ensure that no other person is being authorised to utilize or appropriate any
part of the receivables.
AND WHEREAS the Bank has agreed to act as the Escrow Agent in respect of
the amount deposited in the said escrow account and in the event of receipt of notice of demand
from the corporation apply the proceeds in the escrow account for payment of the dues to the
Corporation from the Borrower in the manner provided in the agreement.

NOW THIS AGREEMENT WITNESSETH AS UNDER: -

1. Each of the Corporation and the Borrower hereby appoint the Bank as the
Escrow Agent and the Escrow Agent hereby accepts the appointment as the Escrow Agent of the
Corporation and the Borrower on the terms and conditions contained herein.

2. The Borrower hereby acknowledges and undertakes to ensure the deposit of its receivables
of not less than xxxxxxxxx (xxxxxxxxxx) per month aggregating to xxxxxxx crore per quarter from
the collection centres namely / all its revenues from various collection centres inclusive
of capital receipts, proceeds from investments, subsidy and any other source in Escrow Account
No. maintained with Escrow Agent.

3. The Borrower further acknowledges and undertakes not to open or establish any other
account for the purpose of collection of such revenues/realisations as mentioned in clause 2 above.
In the event, the Borrower intends to open any other account or establish any other mode for the
purpose of collection of such revenues/realisations as mentioned in clause 2 above, the Borrower
shall obtain prior written consent of the Corporation.

4. That the Corporation shall without prejudice to other rights and remedies be entitled to
recall the loan covered under the Memorandum of Agreement at any time, if the Borrower fails to
fulfill its obligation under the said agreement and/or in the event of its committing breach of any
of the terms thereof.

5. The Borrower irrevocably and unconditionally authorizes the Escrow Agent to make
payments to the Corporation from the Escrow Account to discharge the outstanding dues of the
borrower.

6. If at any time, for any reason whatsoever, the Borrower defaults in making payment to the
Corporation, notice of demand will be served on the Escrow Agent by the Corporation to remit the
amount to the Corporation from the said designated Escrow Account. Such notice of demand shall
be conclusive evidence of the Borrower having defaulted to the repayment of the outstanding loans
of the Borrower owed to the Corporation.

7. That on receipt of the notice of demand from the Corporation the Escrow Agent shall
immediately effect the payment demanded by the Corporation in full, superceding all other
payments under the obligation of the Borrower and also any other instructions of the Borrower and
notwithstanding any reason whatsoever.

8. Should for any reason, the balance in the Escrow Account is insufficient to meet fully the
payment demanded by the Corporation in their notice, the Escrow Agent may debit and make
remittance to the Corporation to the extent available there in and when further credits are
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affected/received in the Escrow Account, the Escrow Agent shall continue to make remittance to
the Corporation till the full amount as per notice of demand by the Corporation is paid.

9. The Borrower and the Escrow Agent confirm that the Borrower has given an irrevocable
and unconditional authorisation under this agreement in favour of the Escrow Agent extending
inter-alia, the mandate to discharge the commitments under the agreement from time to time and
the Borrower and the Escrow Agent shall not revoke the mandate without the prior written
approval and consent of the Corporation.

10. The Escrow Agent shall not have any lien or right to set off or be entitled to assert a
general claim on the monies in the Escrow Account to the extent of demand raised by Corporation.

11. The parties shall be governed and construed in accordance with the Indian Laws and the
parties hereby irrevocably submit to the exclusive jurisdiction of the court at Delhi/New Delhi to
entertain and decide any dispute relating to or arising of this agreement.

12. The Borrower shall indemnify the Escrow Agent against any financial liability while
discharging its duty being an Escrow Agent. The Escrow Agent shall raise all Bills towards the
charges, fees, commissions and expenses on the Borrower, which the Borrower shall promptly
settle the said bills separately without raising any debt with the Escrow Account and the
Corporation, shall not be responsible for any delay/non payment of the said bills.

13. The Escrow Agent shall furnish the monthly bank statement of the above Escrow Account
by the first week of the succeeding month to the Corporation or as and when called for by the
Corporation.

14. Names and specimen signatures of the Corporation’s officials authorised to issue notice
duly attested are annexed. Any change in the said authorisation will be advised to Escrow Agent at
the appropriate time.

15. Except as otherwise expressly provided elsewhere in this agreement, all notices and/or
communications, which are required, and remitted to be in writing and shall be sufficient if
delivery by Registered/Speed Post/Facsimile/Courier/Telegram shall be addressed on the
addresses given hereunder.

16. This Tripartite Escrow Agreement will supersede the earlier Tripartite Escrow
Agreement(s).

IN WITNESS whereof the parties hereto have executed these presents the day, month and year
first herein above written.

Signed and Delivered

On behalf of POWER FINANCE CORPORATION LTD.

By
(Authorised Signatory)
Address: xxxxxxxxxxx
xxxxxxxxxxx
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Tel. No. xxxxxxxxx & Fax No. xxxxxxxxxxxxxxx

Signed and Delivered

On behalf of
(Name of Borrower)

By
(Authorised Signatory)
Address:

Signed and Delivered

On behalf of
(Name of Bank)

By
(Authorised Signatory)
Address:

Witness:
1.

2.

Name of Borrowers
SCHEDULE- I

LIST OF LOANS FOR WHICH MEMORANDUM OF AGREEMENT WITH PFC HAS

ALREADY BEEN EXECUTED

S.No. Loan No. Name of the Project / Scheme / Date of Amount

Facility execution (Rs. in crore)
of
MoA
NIL
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Name of Borrowers
SCHEDULE- II

LIST OF LOANS WHERE DOCUMENTS HAVE NOT BEEN EXECUTED AND LIST OF
PROPOSALS PENDING IN PFC.

S.No Loan No. Name of Project / Scheme / Facility Sanction

Date Amount
(Rs. in crores)
NIL