Appropriation of Operation Performance Security. Upon occurrence of a Concessionaire Default or failure to make any payment to the Authority in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable as Damages from the Operation Performance Security as damages for such Concessionaire Default or failure to make any payment to the Authority. Upon such encashment and appropriation from the Operation Performance Security, the Concessionaire shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Operation Performance Security, and in case of appropriation of the entire Operation Performance Security provide a fresh Operation Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Operation Performance Security valid for the duration of the Operation Performance Security Period as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 32.
Appears in 6 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
