Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. Upon occurrence of a Service Provider Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of the Performance Security as Damages. Upon such encashment and appropriation from the Performance Security, the Service Provider shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 21. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Service Provider shall be entitled to an additional Cure Period of 60 (sixty) days for remedying the Service Provider Default or for satisfying any Condition Precedent, and in the event of the Service Provider not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 21.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Event of Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Service Provider Concessionaire Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of the Performance Security as Damages. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 45 (fifteenforty five) days thereof, replenish, in case of partial appropriation, to the its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2122. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2122.

Appropriation of Performance Security. Upon occurrence of a Service Provider Default or any failure to meet any Condition PrecedentPrecedent by the Service Provider, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Contracting Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the Performance Security as DamagesDamages for such Service Provider Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Service Provider shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Contracting Authority shall be entitled to terminate this Agreement in accordance with Article 21Clause 33. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Default or for satisfying to meet any Condition Precedent, and in the event of the Service Provider not curing its default or meeting such Condition Precedent within such Cure Period, the Contracting Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 21Clause 33.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, Precedent or failure to make any payment to the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereofaccordance 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 entire amount of amounts due and payable as Damages from the Performance Security as Damagesfor such Concessionaire Default or failure to meet any Condition Precedent or failure to make such payment to the Authority. Upon Subject to this Agreement being valid and in force in accordance with the terms hereof, upon such encashment and appropriation from of the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as Security valid for the case may be, and duration of the Service Provider shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which Period. In the event that the Concessionaire fails to do so, the Authority shall be entitled to terminate this Agreement in accordance with Article 2133. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying any Condition Conditions Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 2133.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the Performance Security as DamagesDamages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Concessioning Authority shall be entitled to terminate this Agreement in accordance with Article 2137. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Concessioning Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2137.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Service Provider Concessionaire Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of the Performance Security as Damages. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2137. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2137. Further upon termination on account of Concessionaire’s default before COD, then the Authority shall encash and appropriate the entire Performance Security submitted by the Concessionaire earlier pursuant to Clause 9.1.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority Government shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the Performance Security as DamagesDamages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority Government shall be entitled to terminate this Agreement in accordance with Article 2137. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Government of Andhra Pradesh 35 L&T Hyderabad Metro Rail Pvt. Ltd. Government shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2137.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Service Provider Concessionaire Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of the Performance Security as Damages. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2137. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2137.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shallAuthorityshall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the Performance Security as DamagesDamages for such Concessionaire Default or for failure to meet any Conditions Precedent. Upon such encashment and appropriation from the fromthe Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial ofpartial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in Appropriation of Performance Security Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authorityshall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default or for failure to meet any Conditions Precedent. Upon such encashment and appropriation fromthe Performance Security, the Concessionaire shall, within 30 (thirty) days thereof, replenish, in case ofpartial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2136. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Default or for satisfying any Condition PrecedentConcessionaire Default, and in the event of the Service Provider Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2136. accordance with Article 31. Upon replenishment or furnishing of a fresh Performance Security, 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 encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, Precedent or failure to make any payment which becomes due and payable to the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for under and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereofaccordance 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 entire amount of amounts due and payable as liquidated damages from the Performance Security as DamagesDamages for such Concessionaire Default or failure to meet any Condition Precedent 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 such encashment and appropriation from of the Performance Security, the Service Provider Concessionaire shall, within [15 (fifteen) )] days thereof, replenish, in case of partial appropriation, to the original level of the Performance SecuritySecurity to its original level, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2138. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Service Provider Concessionaire shall be entitled to 18 The amount of the Performance Security would be a percentage of the Total Project Cost as may be determined upon the feasibility study prior to the bidding of the Project. an additional Cure Period of 60 [120 (sixty) one hundred and twenty)] days for remedying the Service Provider Concessionaire Default or for satisfying any Condition Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 2138.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the Performance Security as DamagesDamages for such Concessionaire Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority Government shall be entitled to terminate this Agreement in accordance with Article 2131. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Concessioning Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2131.

Appropriation of Performance Security. Upon occurrence of a Service Provider Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereofConcessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the relevant Performance Security as DamagesDamages for such Concessionaire Default. Upon such encashment and appropriation from the relevant 1 To be calculated @ 3 months’ salary xxxx of Qualified Medical Teaching Staff and Resident Doctors of immediately preceding year Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the such Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2126. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 30 (sixtythirty) days for remedying the Service Provider Default or for satisfying any Condition Precedent, Concessionaire Default; and in the event of the Service Provider Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2126.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default during the Concession Period or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Construction Period Performance Security and/ or the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of the Operation & Maintenance Period Performance Security as Damagesthe case may be, as Damages for such Concessionaire Default. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh afresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2134 and appropriate the balance amount of Performance Security (if any available). Upon such Provided however, upon replenishment or furnishing of a fresh Construction Period Performance Security, as the case may be, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 30 (sixtythirty) days for remedying the Service Provider Concessionaire Default or for satisfying any Condition Precedentduring the Development Period, and in the event of the Service Provider Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2134. For the avoidance of doubt the aforesaid provision shall be applicable only for the Development Period.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Conditions Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the Performance Security as DamagesDamages for such Concessionaire Default or failure to meet any Conditions Precedent. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security Security, as aforesaid aforesaid, failing which the Authority shall be entitled to terminate this Concession Agreement in accordance with Article 2134. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Concessionaire Default or for satisfying to meet any Condition Conditions Precedent, and in the event of the Service Provider Concessionaire not curing its default or meeting such Conditions Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Concession Agreement in accordance with Article 2134.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Service Provider Concessionaire Default or for failure to meet any Condition Conditions Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of the Performance Security as Damages. Upon such encashment and appropriation from the Performance Security, the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid be - failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2136. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Default or for satisfying any Condition PrecedentConcessionaire Default, and in the event of the Service Provider Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2136. The amount of the Performance Security encashed by the Authority, is agreed to be the genuine pre-estimate of the loss suffered by the Authority on account of the Concessionaire Default. The parties agree that it being difficult / impossible to compute the loss suffered by the Authority on account of such Concessionaire Default, the parties have agreed that the aforesaid amount shall represent the genuine pre-estimate of damages.

Appropriation of Performance Security. Upon occurrence of a Service Provider Concessionaire Event of Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Service Provider Default or for failure to meet any Condition Precedent. In the event any Performance Guarantee is not renewed/extended at least 60 (sixty) days prior to the expiry thereof, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the entire amount of relevant amounts from the Performance Security as DamagesDamages for such Concessionaire Event of Default or failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, Security the Service Provider Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenishreplenish the Performance Security, in case of partial appropriation, to the its original level of the Performance Securitylevel, and in case of appropriation of the entire Performance Security Security, provide a fresh Performance Security, as the case may be, and the Service Provider Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Concessioning Authority shall be entitled to terminate this Agreement in accordance with Article 2125. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Service Provider Concessionaire shall be entitled to an additional Cure Period of 60 90 (sixtyninety) days for remedying the Service Provider Default or for satisfying any Condition PrecedentConcessionaire Event of Default, and in the event of the Service Provider Concessionaire not curing its default within such Cure Period, the Concessioning Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 2125.