Appropriation of Development Security. Upon occurrence of a Seller Default or for any amount due and payable (but unpaid) by Seller under this Agreement with respect to events or circumstances occurring up to and including the Commercial Operation Date, CEB shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Development Security for such Seller Default or for any amount due and payable (but unpaid) by Seller under this Agreement up to and including three months after Commercial Operation Date. Upon such encashment and appropriation from the Development Security, Seller shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Development Security, and in case of appropriation of the entire Development Security provide a fresh Development Security, as the case may be, and Seller shall, within the time so granted, replenish or furnish fresh Development Security as aforesaid failing which CEB shall be entitled to terminate this Agreement in accordance with Clause 16.1.2. Upon furnishing of a fresh Development Security, as aforesaid, Seller shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Seller Default and in the event of Seller not curing its default within such Cure Period, CEB shall be entitled to encash and appropriate such Development Security, and to terminate this Agreement in accordance with Clause 16.1.2.
Appears in 6 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
