Common use of Appropriation of Performance Guarantee Clause in Contracts

Appropriation of Performance Guarantee. Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Guarantee as Damages for such Concessionaire Default. Upon such invocation, encashment and appropriation from the Performance Guarantee, the Concessionaire shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Guarantee, and in case of appropriation of the entire Performance Guarantee provide a fresh Performance Guarantee, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Guarantee as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37. Upon replenishment or furnishing of a fresh Performance Guarantee, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in accordance with Article 37.

Appropriation of Performance Guarantee. Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Guarantee as Damages for such Concessionaire Default. Upon such invocation, encashment and appropriation from the Performance Guarantee, the Concessionaire shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Guarantee, and in case of appropriation of the entire Performance Guarantee provide a fresh Performance Guarantee, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Guarantee as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3733. Upon replenishment or furnishing of a fresh Performance Guarantee, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in accordance with Article 3733.

Appropriation of Performance Guarantee. Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Guarantee as Damages for such Concessionaire Default. Upon such invocation, encashment and appropriation from the Performance Guarantee, the Concessionaire shall, within 30 15 (thirtyfifteen) days thereof, replenish, in case of partial appropriation, to its original level the Performance Guarantee, and in case of appropriation of the entire Performance Guarantee provide a fresh Performance Guarantee, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Guarantee as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3738. Upon replenishment or furnishing of a fresh Performance Guarantee, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in accordance with Article 3738.

Appropriation of Performance Guarantee. Upon occurrence of a Concessionaire DefaultDefault or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement during the Construction Period, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts due and payable as liquidated damages from the Performance Guarantee as Damages for such Concessionaire DefaultDefault or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. Upon It is clarified that upon such invocation, encashment and appropriation from of the Performance Guarantee, the Concessionaire shall, shall be liable to restore the Performance Guarantee to the full amount at each event of encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) days thereof, replenish, in case Days of partial appropriation, to its original level the Performance Guarantee, and in any such part encashment. In case of appropriation of the entire Performance Guarantee at each event of encashment provide a fresh Performance Guarantee/replenish Performance Guarantee, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Guarantee as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3716. Upon such replenishment or furnishing of a fresh Performance Guarantee, as the case may be, as aforesaidthe Concessoning Authority may, in its sole discretion, grant any additional cure period to the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default Concessionaire Default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in in accordance with Article 3716. Provisions of an additional cure period provided in this clause shall not apply in the event the default is non fulfillment of Conditions Precedent and provisions of Article 3 shall apply in such event.

Appropriation of Performance Guarantee. 12.2.1. Upon occurrence of a Concessionaire Licensee’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Guarantee as Damages for such Concessionaire Licensee Default. Upon such invocation, encashment and appropriation from the Performance Guarantee, the Concessionaire Licensee shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Guarantee, and in case of appropriation of the entire Performance Guarantee Guarantee, provide a fresh Performance Guarantee, Guarantee as the case may be, and the Concessionaire Licensee shall, within the time so granted, replenish or furnish fresh Performance Guarantee as aforesaid aforesaid, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37Agreement. Upon replenishment or furnishing of a fresh Performance Guarantee, as the case may be, as aforesaid, the Concessionaire Licensee shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Licensee Default, and in the event of the Concessionaire Licensee not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in accordance with Article 3717.