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, 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. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (thirty) days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

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. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (thirtyThirty) days Days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire Concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire Authorisee being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALoI, 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 MDOsCertificate, as the case may be, or owning any sums whatsoever to Authority Grantor 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 Grantor for or against the Concessionaire Authorisee under this Agreement or against the Authority Grantor in respect of this Agreement, the Authority Grantor 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. (b) The decision of the Authority Grantor as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireAuthorisee. The Concessionaire Authorisee specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority Grantor under this Agreement is required to be provided in connection with any demand made by the Authority Grantor to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s Grantor‟s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the AuthorityGrantor, in full or part, the Concessionaire Authorisee shall within 30 (thirty) days of receipt of the encashment notice from the Authority Grantor provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis Mutatis Mutandi to such fresh Performance Security. The Concessionaire’s Authorisee‟s failure to comply with this provision shall constitute a concessionaire an Authorisee Event of Default, which shall entitle the Authority Grantor to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) 9.3.1. In the event of the Concessionaire being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALetterof Intent, and under Section 3.4 3.3 of this Agreement and during the Construction Period and until the date Term of issue of the Completion Certificate in respect of all the Project Facilities under MDOsthis Agreement, 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 Securityas damages for such default, dues, demands or claims.; (b) 9.3.2. The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireProspective Tenderer /Concessionaire. The Prospective Tenderer/Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than otherthan the Authority’s written demand as aforesaid.; (c) 9.3.3. In the event of encashment of the Performance Security by the Authority, in full or partorpart, the Concessionaire shall within 30 (thirty) days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the deficit in the existing Performance Security to its original valueSecurity, as the case may be. The provisions Theprovisions of this the Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this the provision shall constitute a concessionaire Concessionaire Event of Default, Default which shall entitle the Authority to terminate this Agreement thisAgreement in accordance with the provisions of Article 16 Articles 33 hereof.;

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, and under Section 3.4 of 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. (b) The decision of the Concessioning Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Concessioning Authority under this Agreement is required to be provided in connection with any demand made by the Concessioning Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Concessioning Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Concessioning Authority, in full or part, the Concessionaire shall within 30 (thirty) days of receipt of the encashment notice from the Concessioning Authority provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire an Concessionaire Event of Default, Default which shall entitle the Concessioning Authority to terminate this Agreement in accordance with the provisions of Article 16 15 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire Developer being in default of the due, faithful and punctual performance of its obligations relating to the Project under the RFP, the LoA, and under Section 3.4 of this Agreement and during failing to remedy such default within 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, relevant cure period or owning any sums whatsoever to Authority DMA 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 DMA for or against the Concessionaire Developer under this Agreement or against the Authority DMA in respect of this Agreement, the Authority DMA 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. (b) The decision of the Authority DMA as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireDeveloper. The Concessionaire Developer specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority DMA under this Agreement is required to be provided in connection with any demand made by the Authority DMA to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid.DMA¶V ZULWWHQ GHPDQG LQ WKLV EHKDOI (c) In the event of encashment of the Performance Security by the AuthorityDMA, in full or part, the Concessionaire Developer shall within 30 (thirty) days of receipt of the encashment 2 Equivalent to 2% of the contract value notice from the Authority DMA provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 4 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire Developer¶V IDLOXUH WR FRPSO\ ZLWK WKLV Developer Event of Default, which shall entitle the Authority DMA to terminate this Agreement in accordance with the provisions of Article 16 14 hereof.

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 MDOsMDOs of Phase-2 and during Operations Period of Phase-1, as the case may be, or owning any sums whatsoever to Grantor / 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 Grantor / Authority for or against the Concessionaire under this Agreement or against the Grantor / Authority in respect of this Agreement, the Grantor / 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. (b) The decision of the Grantor / Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Grantor / Authority under this Agreement is required to be provided in connection with any demand made by the Grantor / Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Grantor / Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Grantor / Authority, in full or part, the Concessionaire shall within 30 (thirtyThirty) days Days of receipt of the encashment notice from the Grantor / Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire Concessionaire Event of Default, which shall entitle the Grantor / Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

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. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (thirty) days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire Concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. 9.2.1. Without specific instances under this Agreement which give the Authority the right to invoke and encash, either in full or part, the Performance Security, the Authority shall also be entitled to encash whole or part of the Performance Security on account of, interalia, any of the following: (a) In the event upon occurrence of any of the Concessionaire being Default in default accordance with the terms of this Agreement; (b) any breach or non-observance of O&M Obligations set out herein, prompt repair and rehabilitation of Tower Assets as per Good Industry Practice, and complying with reporting obligations, in accordance with terms hereof; (c) the Concessionaire abandons or manifests intention to abandon the O&M obligations or any other obligations towards implementation of the due, faithful Project; (d) the Concessionaire is in breach of any O&M requirements by the Authority or does not comply with remedy of defect/deficiency instructions of the Authority; (e) the Concessionaire does not renew and punctual performance of its obligations under furnish Performance Security in accordance with terms hereof; (f) the RFP, the LoA, and under Section 3.4 Concessionaire creates any Encumbrances in breach of this Agreement and during the Construction Period and until the date of issue Agreement; (g) Change in ownership has occurred in breach of the Completion Certificate in respect of all Agreement the Project Facilities under MDOs, as the case may be, concessionaire is adjudged bankrupt or owning any sums whatsoever to Authority under this Agreement insolvent or in the event process of there being any claims liquidated, dissolved, wound up or demands whatsoever whether liquidated provisional liquidator or which may at any time be made or have been made on behalf receiver is appointed pursuant to order of a competent court; (h) The Concessionaire fails to undertake the implementation of the Authority for or against Project as per Good Industry Practices [i.e. such skills, diligence, service levels, efficiency, innovation, as prevailing in the relevant Industry and changes from time to time]; (i) Failure to meet any condition precedent within time specified; or (j) The Concessionaire under has committed any other Concessionaire Default which has been specified in this Agreement or against the Authority in respect as ground for termination. Upon occurrence of this Agreementa Concessionaire Default, 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 Damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute Concessionaire Default. Upon such encashment and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of appropriation from the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or partSecurity, the Concessionaire shall shall, within 30 15 (thirtyfifteen) days thereof, replenish, in case of receipt partial appropriation, to its original level, the Performance Security, and in case of appropriation of the encashment notice from the Authority entire Performance Security provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such , and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire Event of Default, Security as aforesaid failing which shall entitle the Authority shall be entitled to terminate this Agreement in accordance with the provisions of Article 16 hereof.with

Appropriation of Performance Security. (a) In the event of the Concessionaire Licensee being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALOI, and under Section 3.4 of 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 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 Licensee 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 Securities as damages for such default, dues, demands or claims. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireLicensee. The Concessionaire Licensee specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire Licensee shall within 30 (thirty) days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The ConcessionaireLicensee’s failure to comply with this provision shall constitute a concessionaire an Licensee Event of Default, Default which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 15 hereof.

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. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the Concessionaire. The Concessionaire specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire shall within 30 (thirtyThirty) days Days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The Concessionaire’s failure to comply with this provision shall constitute a concessionaire Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire Developer being in default of the due, faithful and punctual performance of its obligations relating to the Project under the RFP, the LoA, and under Section 3.4 of this Agreement and during failing to remedy such default within 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, relevant cure period or owning any sums whatsoever to Authority DMA 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 DMA for or against the Concessionaire Developer under this Agreement or against the Authority DMA in respect of this Agreement, the Authority DMA 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. (b) The decision of the Authority DMA as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireDeveloper. The Concessionaire Developer specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority DMA under this Agreement is required to be provided in connection with any demand made by the Authority DMA to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the AuthorityDMA’s written demand as aforesaidin this behalf. (c) In the event of encashment of the Performance Security by the AuthorityDMA, in full or part, the Concessionaire Developer shall within 30 (thirty) days of receipt of the encashment 2 Equivalent to 2% of the contract value notice from the Authority DMA provide a fresh Performance Security or replenish the existing Performance Security to its original valueSecurity, as the case may be. The provisions of this Article 9 4 shall apply mutatis mutandis to such fresh Performance Security. The ConcessionaireDeveloper’s failure to comply with this provision shall constitute a concessionaire Developer Event of Default, which shall entitle the Authority DMA to terminate this Agreement in accordance with the provisions of Article 16 14 hereof.

Appropriation of Performance Security. (a) In the event of the Concessionaire Licensee being in default of the due, faithful and punctual performance of its obligations under the RFP, the LoALoI, 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 MDOsor Operations Period, 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 Licensee 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. (b) The decision of the Authority as to any breach/delay having been committed, liability accrued or loss or damage caused or suffered shall be conclusive, absolute and binding on the ConcessionaireLicensee. The Concessionaire Licensee specifically confirms and agrees that no proof of any amount of liability accrued or loss or damages caused or suffered by the Authority under this Agreement is required to be provided in connection with any demand made by the Authority to recover such compensation through encashment of the Performance Security under this Agreement and that no document or any action shall be required other than the Authority’s written demand as aforesaid. (c) In the event of encashment of the Performance Security by the Authority, in full or part, the Concessionaire Licensee shall within 30 (thirty) days of receipt of the encashment notice from the Authority provide a fresh Performance Security or replenish the existing Performance Security to its original value, as the case may be. The provisions of this Article 9 shall apply mutatis mutandis to such fresh Performance Security. The ConcessionaireLicensee’s failure to comply with this provision shall constitute a concessionaire an Licensee Event of Default, which shall entitle the Authority to terminate this Agreement in accordance with the provisions of Article 16 hereof.