Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims.

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoA, and under Section 3.4 of this Agreement and during the Construction Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOs, as the case may be, or owning any sums whatsoever to Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Authority for or against the Concessionaire under this Agreement or against the Authority in respect of this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security as damages for such default, dues, demands or claims.

Appropriation of Performance Security. (a) In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALOI, under Section 3.4 of and this Agreement and during the Construction Period or during the Operations Period and until the date of issue of the Completion Certificate in respect of all the Project Facilities under MDOsVesting Certificate, as the case may be, or owning any sums whatsoever to Concessioning Authority under this Agreement or in the event of there being any claims or demands whatsoever whether liquidated or which may at any time be made or have been made on behalf of the Concessioning Authority for or against the Concessionaire under this Agreement or against the Concessioning Authority in respect of this Agreement, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to call in, encash and appropriate the relevant or delinquent amounts from the Performance Security Securities as damages for such default, dues, demands or claims.