Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. The Authority shall, without prejudice to its other rights and remedies hereunder, in law or equity, have the unconditional and unqualified right to encash and appropriate the Performance Security in part or in full, in the event of a failure or default of the Mine Operator to comply with its obligations hereunder, including a Mine Operator Default, the Mine Operator’s failure to meet any Condition Precedent, or the Mine Operator’s failure to pay any sums (including Damages) due hereunder. The Mine Operator shall, within 15 (fifteen) days from such encashment and appropriation of the Performance Security by the Authority, (a) in case of a partial appropriation, restore the value of the Performance Security to the value as is required to be maintained pursuant to Clause 9.1.1; and (b) in case of a full appropriation, provide a fresh Performance Security in accordance with the requirements of Clause 9.1.1, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37.

Appropriation of Performance Security. ‌ The Authority shall, without prejudice to its other rights and remedies hereunder, in law or equity, have the unconditional and unqualified right to encash and appropriate the Performance Security in part or in full, in the event of a failure or default of the Mine Operator to comply with its obligations hereunder, including a Mine Operator Default, the Mine Operator’s failure to meet any Condition Precedent, or the Mine Operator’s failure to pay any sums (including Damages) due hereunder. The Mine Operator shall, within 15 (fifteen) days from such encashment and appropriation of the Performance Security by the Authority, (ai) in case of a partial appropriation, restore the value of the Performance Security to the value as is required to be maintained pursuant to Clause 9.1.1; and (bii) in case of a full appropriation, provide a fresh Performance Security in accordance with the requirements of Clause 9.1.1, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3713 To be fixed at a level equal to approximately 3% (three percent) of the Total Project Cost.

Appropriation of Performance Security. The Authority shall, without prejudice to its other rights and remedies hereunder, in law or equity, have the unconditional and unqualified right to encash and appropriate the Performance Security in part or in full, in the event of a failure or default of the Mine Operator to comply with its obligations hereunder, including a Mine Operator Default, the Mine Operator’s failure to meet any Condition Precedent, or the Mine Operator’s failure to pay any sums (including Damages) due hereunder. The Mine Operator shall, within 15 (fifteen) days from such encashment and appropriation of the Performance Security by the Authority, (ai) in case of a partial appropriation, restore the value of the Performance Security to the value as is required to be maintained pursuant to Clause 9.1.1; and (bii) in case of a full appropriation, provide a fresh Performance Security in accordance with the requirements of Clause 9.1.1, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3713 To be fixed at a level equal to approximately 3% (three percent) of the Total Project Cost.

Appropriation of Performance Security. The Authority shall, without prejudice to its other rights and remedies hereunder, in law or equity, have the unconditional and unqualified right to encash and appropriate the Performance Security in part or in full, in the event of a failure or default of the Mine Operator to comply with its obligations hereunder, including a Mine Operator Default, the Mine Operator’s failure to meet any Condition Precedent, or the Mine Operator’s failure to pay any sums (including Damages) due hereunder. The Mine Operator shall, within 15 (fifteen) days from such encashment and appropriation of the Performance Security by the Authority, (ai) in case of a partial appropriation, restore the value of the Performance Security to the value as is required to be maintained pursuant to Clause 9.1.1; and (bii) in case of a full appropriation, provide a fresh Performance Security in accordance with the requirements of Clause 9.1.1, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37.

Appropriation of Performance Security. ‌ The Authority shall, without prejudice to its other rights and remedies hereunder, in law or equity, have the unconditional and unqualified right to encash and appropriate the Performance Security in part or in full, in the event of a failure or default of the Mine Operator to comply with its obligations hereunder, including a Mine Operator Default, the Mine Operator’s failure to meet any Condition Precedent, or the Mine Operator’s failure to pay any sums (including Damages) due hereunder. The Mine Operator shall, within 15 (fifteen) days from such encashment and appropriation of the Performance Security by the Authority, (ai) in case of a partial appropriation, restore the value of the Performance Security to the value as is required to be maintained pursuant to Clause 9.1.1; and (bii) in case of a full appropriation, provide a fresh Performance Security in accordance with the requirements of Clause 9.1.1, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37.