Common use of Appropriation of Performance Security Clause in Contracts

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s 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 Implementation Agency’s Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency 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, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 24. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Implementation Agency’s Default or for satisfying any Condition Precedent, and in the event of the Implementation Agency 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 24.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Supplier Default or failure to meet any Condition Precedent, the Authority Aggregator 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 Implementation Agency’s Supplier Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Supplier 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, failing which the Authority Aggregator shall be entitled to terminate this Agreement in accordance with Article 2418. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Supplier shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Supplier Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency Supplier not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Aggregator shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 2418.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Aggregator Default or failure to meet any Condition Precedent, the Authority Utility 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 Implementation Agency’s Aggregator Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Aggregator 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, failing which the Authority Utility shall be entitled to terminate this Agreement in accordance with Article 2417. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Aggregator shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Aggregator Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency Aggregator not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Utility shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 2417.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a 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 Implementation Agency’s Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Concessionaire 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, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2430. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Implementation Agency’s Concessionaire Default or for satisfying any Condition Precedent, and in the event of the Implementation Agency 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 2430.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Supplier Default or failure to meet any Condition Precedent, the Authority Aggregator 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 Implementation Agency’s Supplier Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Supplier 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, failing which the Authority Aggregator shall be entitled to terminate this Agreement in accordance with Article 2419. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Supplier shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Supplier Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency Supplier not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Aggregator shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with accordancewith Article 2419.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Concessionaire Default or failure to meet any Condition Precedent, the Authority NMMC 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 Implementation Agency’s Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Concessionaire 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, failing which the Authority NMMC shall be entitled to terminate this Agreement in accordance with Article 2418. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Concessionaire shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency not curing Concessionaire fails to cure its default or meeting such satisfy its Condition Precedent within such Cure Period, the Authority NMMC shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 2418.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Supplier Default or failure to meet any Condition Precedent, the Authority Procurer 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 Implementation Agency’s Supplier Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Supplier 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, failing which the Authority Procurer shall be entitled to terminate this Agreement in accordance with Article 2416. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Supplier shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Supplier Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency Supplier not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Procurer shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 2416.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Concessionaire Default or failure to meet any Condition Precedent, the Authority MCGM 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 Implementation Agency’s Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Concessionaire 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, failing which the Authority Procurer shall be entitled to terminate this Agreement in accordance with Article 2418. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Concessionaire shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Concessionaire Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Procurer shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 2419.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Supplier Default or failure to meet any Condition Precedent, the Authority Aggregator 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 Implementation Agency’s Supplier Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Supplier 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, failing which the Authority Aggregator shall be entitled to terminate this Agreement in accordance with Article 2419. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Supplier shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Supplier Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency Supplier not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Aggregator shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 2419.

Appropriation of Performance Security. 8.2.1 Upon occurrence of an Implementation Agency’s a 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 as Damages for and in respect of such Implementation Agency’s the Concessionaire Default or for failure to meet any Condition Precedent. . 8.2.2 Upon such encashment and appropriation from the Performance Security, the Implementation Agency Concessionaire shall, within 15 30 (fifteenthirty) 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, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 24. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Concessionaire shall be entitled to an additional Cure Period of 90 30 (ninetythirty) days for remedying the Implementation Agency’s Concessionaire Default or for satisfying any Condition Conditions Precedent, and in the event of the Implementation Agency 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 24.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a Aggregator Default or failure to meet any Condition Precedent, the Authority Utility 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 Implementation Agency’s Aggregator Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Aggregator 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, failing which the Authority Utility shall be entitled to terminate this Agreement in accordance with Article 2419. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Aggregator shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Aggregator Default or for satisfying to meet any Condition Precedent, and in the event of the Implementation Agency Aggregator not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Utility shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 2419.

Appropriation of Performance Security. Upon occurrence of an Implementation Agency’s a 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 Implementation Agency’s Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Implementation Agency Concessionaire 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, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 2442. Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Implementation Agency Concessionaire shall be entitled to an additional Cure Period of 90 120 (ninetyone hundred and twenty) days for remedying the Implementation Agency’s Concessionaire Default or for satisfying any Condition Precedent, and in the event of the Implementation Agency 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 2442.